Good news for NB Bank shareholders: net profit rises by 29.25% in Q3

ShareSansar, May 7:

Though the shareholders of Nepal Bangladesh Bank Limited are a bit worried about the Annual General Meeting of the bank is in limbo due to the share ownership transfer row, the bank’s profit has been rising steadily in the current fiscal year. Hence there is something to cheer about.

Nepal Bangladesh Bank Limited has posted increase in the profit by 29.25 percent this third quarter of the current fiscal year 2070/71.

Publishing the unaudited financial report for the third quarter today, the commercial bank has stated that its net profit has surged to Rs 40.17 crore up from Rs 31.08 crore in the corresponding quarter of the last fiscal year 2069/70.

NB Bank had posted a profit rise of 57.8 percent in the second quarter as its net profit rose to Rs 27.11 crore, up from Rs 17.17 crore.

The profit was triggered by the company’s core business as its net interest income rose to Rs 56.22 crore by the end of the third quarter up from Rs 43.62 crore, along with the write back of Rs 14.41 crore.

The commercial bank mobilized Rs 23.52 arba in deposit and Rs 17.60 arba in loan as compared to Rs 14.70 arba in deposit and Rs 12.81 arba in loan in the corresponding quarter.

The bank’s EPS have increased to Rs. 24 from Rs. 21 at the end of this quarter. Its net worth per share has also risen to Rs 180 from Rs 162, and its P/E ratio, too, has increased to 25 from 16.