Lumbini Bank’s net profit grows by 1/4 in Q3 – thanks to core business and massive write back

ShareSansar, May 11:

Lumbini Bank Limited has reported a slight rise of 24.48 percent in its net profit in the third quarter of the current fiscal year 2070/71, owing to sound core business besides a huge write back amount.

According to the quarterly report published by the commercial bank today, its net profit rose to Rs 14.54 crore, up from Rs 11.68 crore it posted in the corresponding quarter of the last fiscal year 2069/70.

The profit was largely fuelled by a massive write back of Rs 12.32 crore by the end of the third quarter though its net interest income increased almost marginally to Rs 36.17 crore as compared to Rs 35.04 crore at the end of the corresponding quarter end.

At the same time, Lumbini Bank has also provisioned Rs 16.75 crore for the possible losses in the quarter.

It mobilized Rs 13.40 arba in deposit and Rs 12 arba in loan as compared to Rs 9.66 arba in deposit and Rs 8.98 arba in loan in the corresponding quarter of the last fiscal.

However, its non-performing loan has marginally risen to 1.53 percent, up from 1.37 percent in the third quarter of the last fiscal.

Its EPS has now risen to Rs 11.21, net worth per share stands at Rs 134.22 and the P/E ratio is 24.98.

The bank had reported a slight rise of 9 percent in its net profit in the second quarter.