Machhapuchchhre reports outstanding profit rise of 68.64% in Q2; earns Rs 34.40 crore

ShareSansar, February 2:

Machhapuchchhre Bank Limited (MBL) has reported a 68.67 percent rise in net profit in the second quarter of the current fiscal year 2071/72.

Publishing the unaudited quarterly report for the second quarter today, the commercial bank has stated that its net profit rose to Rs 34.40 crore, up from Rs 20.40 crore in the corresponding quarter last fiscal year.

Machhapuchchhre has managed to post growth despite provisioning Rs 10.71 crore for possible losses.

Machhapuchchhre’s net interest income has surged to Rs 66.93 crore, up from Rs 48.99 crore in the second quarter of the last fiscal year.

Similarly, the bank also mobilized Rs 39.61 arba in deposit and Rs 33.64 arba in loan as compared to Rs 31.11 arba in deposit and Rs 25.27 arba in loan in the corresponding quarter of the last fiscal.

The bank also recovered Rs 5.04 crore as the write back of the amount provisioned for possible losses.

The bank’s non-performing loan has also decreased from 2.67 percent in the second quarter of the last fiscal year to 1.73 percent.

Its annualized EPS has surged to Rs 24.79 from just Rs 16.46 in the corresponding quarter, and its net worth per share has also risen to Rs 136.02, up from Rs 125.74.

Its Price to Earnings (P/E) ratio stands at 22.55 times.