Income streams momentum drives up Standard Chartered’s profit, Earns Rs 1.38 arba profit 

ShareSansar, August 15:

Standard Chartered Bank Nepal Ltd posted an impressive profit rise of 13 percent in the fourth quarter of the last fiscal year 2070/71.

Publishing the unaudited financial results today, the bank stated that its net profit reached Rs 1.38 arba in the last fiscal year, up from Rs 1.22 arba in the corresponding period of the previous fiscal year 2069/70.

The bank attributed the momentum maintained by the income streams to the rise in the profits.
 
The net interest income of the bank jumped to Rs 2.01 arba from Rs 1.92 arba in the previous fiscal year.

Similarly, the bank’s earning from the fees, commission and discount, foreign exchange gain and other operating income also rose last year.

The bank provisioned Rs 8.44 crore last year for the possible loss.

Last year, the bank mobilized a total of Rs 46.3 arba in deposit which is higher by Rs 6.83 arba in comparison to the previous year quarter end. Similarly, it extended a total of Rs 26.33 arba of loan, up by Rs 3.19 arba in comparison to the loan it floated in the previous year.

The bank’s net interest spread is 7.09 percent, which is higher than the 5 percent cap fixed by the NRB for the commercial banks to be mandatorily enforced from this fiscal year.

The annualized EPS of the bank is Rs 67.47, P/E ratio 41.49 times and net worth per share stands at Rs 292.71