Matribhumi posts fourfold profit by Q4; NPL down from 3.49 to 0.93%

ShareSansar, July 25:

Matribhumi Bikas Bank Limited has reported a huge rise in its net profit in the last fiscal year 2070/71 largely owing to a write back of provision for possible loss.

Publishing its unaudited financial report for the fourth quarter today, the development bank based in Sindhuli has stated that its net profit has risen to Rs 76.56 lakh, up from 15.45 lakh at the end of the previous fiscal year 2069/70.

Its net interest income has, however, slightly increased from 30.76 lakh at the end of the previous fiscal year to Rs 35.37 lakh at the end of the last fiscal year.

Matribhumi, which had floated its IPO in November last year, mobilized Rs 28.84 crore in deposit and Rs 20.27 crore in loan as compared to Rs 23.37 crore in deposit and Rs 19 crore in loan in the previous fiscal year.

The profit was fuelled by Rs 43.70 lakh it was able to write back for the amount provisioned for possible loss, though it has also provisioned Rs 5.23 lakh for possible loss by the end of the fourth quarter.

Nevertheless, Matribhumi’s non-performing loan has significantly gone down from 3.49 percent to just 0.93 percent by the end of the fourth quarter.

Its EPs is now priced at Rs 17.40, P/E ratio at 11.03 and net worth per share at 129.36.