Massive profit growth of Nepal Bank by whopping 355.48% to Rs 1.64 arba in Q3; Reserve still in negative at Rs 94.90 crore

Nepal Bank Limited (NBL), the oldest bank of Nepal has registered profit rise of 355.48 percent in the third quarter of the current fiscal year 2072/73. According to the unaudited financial report published by the commercial bank today, its net profit has surged to Rs 1.64 arba in third quarter up from Rs 36.06 crore in the corresponding quarter of the last fiscal year 2071/72. Nepal Bank’s net interest income has risen to Rs 2.90 arba in Q3 as compared to Rs 2.20 arba in the corresponding quarter. It has paid up capital of Rs 6.46 arba with negative reserve of Rs 94.90 crore in third quarter. Nepal Bank has increased its profit mainly by selling its asset. Its net non-operating income/expenses increased from 23.09 crore in the corresponding quarter to Rs 78.25 crore in the third quarter of the fiscal year 2072/73. The write back of provision for possible losses has increased to Rs 41.51 crore from Rs 27.88 crore as compared to the Q3 of last fiscal year. The bank has collected deposits of Rs 82.63 arba in Q3 compared to Rs 68.69 arba in the corresponding quarter last year. Likewise, it has disbursed loans of Rs 59.82 arba, up from Rs 49.58 arba. The non-performing loan (NPL) has dropped to 3.67 percent in Q3 from 4.48 percent in the corresponding quarter. NPL drop by 18% in third quarter. Annualized earning per share (EPS) of the bank  now stands at Rs 33.88 , net worth per share at Rs 85.32 and PE ratio at 12.46 times.