Lumbini Bank posts massive 147% profit growth in Q2; core business rises

ShareSansar, February 5:

Lumbini Bank Limited (LUBL) has posted a massive profit growth of 147.51 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 17 crore in the second quarter of the current fiscal year compared to the net profit of Rs 6.86 crore in the corresponding period of last fiscal year 2070/71.

The bank’s net interest income reached Rs 33.84 crore in the second quarter this year, which is a growth of 49.14 percent compared to the income of the same period last year.

While the bank was required to provision Rs 6.68 crore in the second quarter this year for the possible losses, but it could manage to write back only Rs 4.78 crore that it had provisioned in the previous years for possible losses.

Lumbini Bank observed a satisfactory growth in terms of deposit collection and loan supply during the review period. While the bank mobilized Rs 17.53 arba on deposit in the second quarter this year, it extended a total of Rs 15.65 arba on loans.

It had mobilized a total of Rs 12.54 arba on deposit and Rs 11.04 arba on loans in the corresponding period of the last fiscal year 2070/71.

The annualized earning per share (EPS) and the net worth per share of the bank stand at Rs 17 and Rs 135.82 respectively. Its NPA stands at 0.77 percent.