Lumbini Bank reports profit growth of 9 pc in Q2 despite provisioning of Rs 7.9 crore

ShareSansar, February 7:

Lumbini Bank Limited has reported a slight rise of 9 percent in its net profit in the second quarter of the current fiscal year 2070/71, owing to sound core business.

According to the quarterly report published by the commercial bank today, its net profit rose to Rs 6.86 crore, up from Rs 6.29 crore it posted in the corresponding quarter of the last fiscal year 2069/70.

Lumbini managed to post the profit rise despite provisioning Rs 7.92 crore for the possible losses in the quarter.

Its net interest income has increased to Rs 22.69 crore, down from Rs 21.83 crore.

It mobilized Rs 12.54 arba in deposit and Rs 11.04 in loan as compared to Rs 9.20 in deposit and Rs 8.36 in loan in the corresponding quarter of the last fiscal.

Lumbini also managed to write back Rs 1.84 crore of the amount it had provisioned for possible losses.

However, its non-performing loan has surged to 2.18 percent, down from 1.52 percent in the second quarter of the last fiscal.

Its EPS now stands at Rs 7.94 and the net worth per share is at Rs 129.79