Nabil reports net profit rise of 6 % in Q3 largely due to write back of Rs 28 crore

ShareSansar, May 2:

Nabil Bank Limited, one of the top banks of the country, has reported a net profit rise of 6 percent in the third quarter of the current fiscal year 2070/71.

Publicizing the unaudited quarterly report for the third quarter today, the commercial bank has stated that it has posted a net profit of Rs 1.64 arba in the third quarter, up from Rs 1.54 arba in the corresponding quarter of the last fiscal year 2069/70.

The growth was led by its core business as well as Rs 28.04 crore it was able to write back from the sum it had provisioned for the possible losses.

It may be noted that Nabil had registered 4.5 percent drop in net profit in the second quarter largely due to Rs 48.94 crore it has provisioned for the possible losses.

In the third quarter Nabil’s net interest income has risen to Rs 2.74 arba, up from Rs 2.52 arba in the corresponding quarter.

It also mobilized Rs 73.84 arba in deposit and Rs 53.51 arba in loan as compared to Rs 57.30 arba in deposit and Rs 45.10 arba in loan in the corresponding quarter last year.

The bank’s non-performing loan has also dropped to 2.96 percent, down from 3.40 percent in the same period of the previous fiscal year.

Its EPS (annualized) now stands at Rs 72.72 and its net worth per share is priced at Rs 274.

Similarly, Nabil’s Price Earnings Ratio (annualized) stands at Rs 27.44 and its returns on equity and asserts (annualized) stand at 28.28 and 2.76 respectively.