Global IME Q2 result: Profit Growth limit to 1.8%, earns Rs 54.18 crore

ShareSansar, January 26:

Global IME Bank Limited has posted a profit growth of meager 1.8 percent in the second quarter of the current fiscal year 2071/72.

According to an unaudited financial statement published today, the bank disclosed that it achieved a net profit of Rs 54.28 crore in the second quarter of the current fiscal year compared to the net profit of Rs 53.28 crore in the corresponding period of last fiscal year 2071/72.

The bank’s net interest income reached Rs 1.15 arba in the second quarter this year, which is a growth of 46.11 percent compared to the income of the same period last year.

While the bank was required to provision Rs 28.91 crore in the second quarter this year for the possible losses, it could manage to write back only Rs 17.84 crore that it had provisioned in the previous years for possible losses.

Global IME Bank observed a satisfactory growth in terms of deposit collection and loan supply during the review period. While the bank mobilized Rs 55.20 arba on deposit in the second quarter this year, it extended a total of Rs 47.56 arba on loans.

It had mobilized a total of Rs 36.97 arba on deposit and Rs 30.11 arba on loans in the corresponding period of the last fiscal year 2071/72.

The bank also managed to slash its non performing loan (NPL) to 2.57 percent in the second quarter from 3.22 percent in the corresponding period of last year.

The annualized earning per share (EPS) and the net worth per share of the bank stand at Rs 21.57 and Rs 137.75 respectively. The P/E ratio remained 24.48 times.