Mega Bank Q4 earning surges tremendously by 59.41 % to Rs 55.20 cr; NPL drops by 0.79%

Mega Bank Limited (MEGA) has posted a net profit rise of 59.41 percent in the fourth quarter (Q4) of last fiscal year 2072/73. As per the unaudited quarterly report for the fourth quarter today, the commercial bank has registered a net profit of Rs. 55.20 crore in the fourth quarter of last fiscal year 2072/73, up from Rs. 34.62 crore in the corresponding quarter of fiscal year 2071/72. The profit is attributable to its core business as its net interest income surged from Rs. 1.12 arba in the previous year to Rs. 89.06 crore in previous year report. The write back of provision for possible losses has increased to Rs13.65 crore from Rs 3.12 crore as compared to the Q4 of last fiscal year. The higher write back and net  interest income has propelled increase in the net profit of MEGA. Mega Bank has a paid up capital of Rs. 3.24 arba and a reserve of Rs.96.74 crore at present. Mega has collected Rs.31 arba in deposits and has extended Rs 27.35 arba in loans in the fourth quarter of 2072/73 as compared to Rs. 21.13 arba in deposit and Rs.17.54 arba in loans in the corresponding quarter of fiscal year 2071/72. The bank’s non-performing loan decline to 0.79 percent in Q4 from 1.75 percent in corresponding quarter Its CD ratio stands at 79.48 percent. Its annualized earning per share (EPS) stand at Rs. 17.04, net worth per share is at Rs.129.85 and price earnings ratio (P/E) at 33.17 times.