Mega Bank reports almost double profit rise in second quarter

Mega Bank report almost double profit rise in second quarter

ShareSansar, February 11:

Mega Bank Nepal Limited has once again pleasantly surprised its shareholders with a huge profit rise also in the second quarter of the current fiscal year 2070/71—thanks to foreign exchange gain besides core business growth.

Publishing the unaudited quarterly report for the second quarter today, one of the young commercial banks has stated that it has posted a profit rise of 98 percent in the second quarter as its net profit rose to Rs 16.63 crore, up from merely Rs 8.38 crore in the corresponding quarter last fiscal year.

Mega has managed to post the impressive growth despite provisioning Rs 3.13 crore for possible losses.

Its net interest income surged to Rs 39.42 crore, up from Rs 32.60 crore in the second quarter of the last fiscal year and it made an impressive foreign exchange gain of Rs 5.83 crore, up from just Rs 2.71 crore in the corresponding quarter.

The commercial bank also mobilized Rs 15.09 arba in deposit and Rs 13.72 arba in loan as compared to Rs 11.63 arba in deposit and Rs 10.88 arba in loan in the corresponding quarter of the last fiscal.

The bank’s non-performing loan has, however, marginally increased from 1.83 percent in the second quarter of the last fiscal year to 1.93 percent.

Mega’s EPS (annualized) stands at 14.24 and its net worth per share stands at 112.38.

It may be noted here that Mega had posted an astounding 291 percent growth in net profit in the first quarter of the current fiscal year.

Its net profit had surged to Rs 10.18 crore from Rs 2.60 crore in the corresponding quarter of the last fiscal year.