In Q3, Machhapuchchhre Bank again reports astounding profit rise of 223 %

ShareSansar, May 7:

Machhapuchchhre Bank Limited has reported a massive rise in profit in the third quarter of the current fiscal year 2070/71.

Publishing the unaudited quarterly report for the third quarter today, the commercial bank has stated that it has posted a profit rise of 223.39 percent in the quarter as its net profit rose to Rs 31.79 crore, up from merely Rs 9.83 crore in the corresponding quarter last fiscal year.

Machhapuchchhre has managed to post the impressive growth despite provisioning Rs 11.45 crore for possible losses.

Machhapuchchhre’s net interest income has surged to Rs 77.80 crore, up from Rs 66.15 crore in the third quarter of the last fiscal year.

Similarly, the bank also mobilized Rs 33.81 arba in deposit and Rs 27.53 arba in loan as compared to Rs 24.74 arba in deposit and Rs 20.06 arba in loan in the corresponding quarter of the last fiscal.

The bank also recovered Rs 7.40 crore as the write back of the amount provisioned for possible losses.

The bank’s non-performing loan has also decreased from 2.73 percent in the third quarter of the last fiscal year to 2.20 percent.

Its EPS has surged to 17.10 from just Rs 5.29 in the corresponding quarter, and its net worth per share has also risen to Rs 125.79, up from Rs 113.04