NB Bank reports a profit rise of 57.8 % in second quarter

ShareSansar, February 3:

Not just to the respite, but also to the jubilation of its shareholders, Nepal Bangladesh Bank Limited has finally come a long way by reporting an impressive rise in profit in the second quarter of the current fiscal year 2070/71.

Publishing the unaudited quarterly report for the second quarter today, the commercial bank has stated that it has posted a profit rise of 57.8 percent in the second quarter as its net profit rose to Rs 27.11 crore, up from Rs 17.17 crore in the corresponding quarter last fiscal year.

NB Bank’s profit was largely propelled by its core business and write back of a large sum provisioned for possible loss.

Its net interest income has surged to Rs 38 crore up from Rs 24.02 crore in the second quarter last fiscal year. Similarly, the bank also succeeded in mobilizing Rs 23.70 arba in deposit and Rs 15.98 arba in loan as compared to Rs 15.10 arba in deposit and Rs 12.39 arba in loan in the corresponding quarter last year.

NB Bank was able to write back 7.04 crore it had provisioned for loss.

The bank’s non-performing loan has significantly gone down from 3.57 percent in the second quarter of the last fiscal year to 1.50 percent now.

NB Bank’s EPS stands at Rs 25, up from Rs 17 in the corresponding quarter last year and its net worth per share has also gone to Rs 174, up from Rs 156.