NB insurance earns Rs 1.06 crore in Q1 after

NB Insurance Company Limited (NBIL) has posted a net profit of Rs 1.06 crore in the first quarter of the fiscal year 2072/73. According to the unaudited financial report for the first quarter published today, its net profit surged to Rs 1.06 crore in Q1 as compared to the net loss of Rs 25.97 lakh in the corresponding quarter of the last fiscal year 2070/71. NBIL’s paid up capital remains at Rs 15 crore with reserve of Rs 5.97 crore. The insurance fund of the company increased toRs 2.30 crore in Q1, up from Rs 1.77 croreduring the same time period in the previous fiscal year. NB Insurance policy holder reached to 2,998 in Q1. NBIL Earning per Share (annualized) stands at Rs 28.46 and net worth per share at Rs 16.63. About two years ago Insurance Board (IB) had frozen all the bank accounts of NBIL for financial impropriety and embezzlement.The promoters of IME group and Hathway Investment have purchased 40.5% and 5% stake of NB insurance respectively. After the new promotes of the NBIL met the requirement set by Insurance Board, NBIL resumed its operation from June 19, 2015.