Massive profit growth of NMB & Siddhartha Bank by 165.22% & 110.41% respectively in Q1

NMB Bank Limited (NMB) has registered massive increase in its net profit by 165.22 percent in the first quarter of the fiscal year 2073/74. According to the unaudited financial report published by the commercial bank today, its net profit has increased to Rs. 39.07 crore in first quarter  of FY 2073/74 from Rs. 14.73 crore in the corresponding quarter of the last fiscal year 2072/73. NMB Bank’s net interest income has increased to Rs. 67.44 crore in Q1 as compared to Rs. 24.72 crore in the corresponding quarter. It’s paid up capital remains at Rs. 5.43 arba. The bank amassed huge amount of deposits in the Q1 of the ongoing fiscal year. Deposits collection reached Rs. 63.71 arba in Q1 from Rs 36.46 arba in the corresponding period last year. Likewise, it has extended loans and advances of Rs. 56.91arba in Q1 whereas in the same period last year the figure stood at Rs. 27.65 arba. Its non-performing loan has increased to 1.82 percent in Q1 up from 0.40 percent in the previous year report. Its annualized Earning per share (EPS) stands at Rs. 31.46 , net worth per share at  177.29, and the P/E ratio at 25.84 times. Likewise, Siddhartha Bank Limited (SBL) has posted massive net profit increase by 110.41 % for the first quarter (Q1) of the fiscal year 2073/74.The commercial bank has earned Rs 36.98 crore in Q1 compared to Rs  17.57 crore in the corresponding quarter of the previous fiscal year. Publishing the unaudited financial report for the first quarter today, Siddhartha Bank stated that its net interest income increased to Rs 62.72 crore in Q1 up from Rs 36.01 crore in the previous fiscal year. Also the bank’s non-operating income increased to Rs 16.37 crore in Q1 from Rs 10.86 lakh in corresponding quarter previous year. It’s paid up capital remains at Rs 3.37 arba with reserve of Rs 3.62 arba. The bank has collected deposits of Rs 69.99 arba in Q1 compared to Rs 45.07 arba in the corresponding quarter last year. Likewise, it has disbursed loans of Rs 58.93 arba, up from Rs 38.12 arba. The non-performing loan (NPL) has dropped to 1.59 percent in Q1 from 1.72 percent in the corresponding quarter. Annualized earning per share (EPS) of the bank  now stands at Rs 47.61 , net worth per share at Rs 230.47 and PE ratio at 23.11 times.