Grand Bank’s profit rises by 31%, but NPL almost triples

ShareSansar, November 14:


Grand Bank Nepal Limited has reported a net profit rise of 31.65 percent in the first quarter.


According to the unaudited report of the commercial bank, it has posted a net profit of Rs 5.74 crore in the first quarter, up from Rs 4.36 crore in the corresponding quarter last year.


The bank’s net interest income has also surged to Rs 13.69 crore, up from 8.37 crore in the corresponding quarter, but its operational profit has decreased from Rs 4.20 crore to Rs 3.96 crore.


It has provisioned Rs 10.42 crore for possible losses, up from Rs 3.33 crore in the corresponding quarter.


This provisioning has also contributed to its non performing loan, which has surged from 1.07 percent to 2.92 percent.


Grand Bank mobilized Rs 19.86 arba in deposit and Rs 15.72 arba in loan in the first quarter compared to Rs 14.89 arba in deposit and Rs 12.25 arba in loan in the corresponding quarter.


The EPS (annualized) of the bank stands at Rs 11.48 and net worth per share at Rs 120.54.