NBB Q2 result: Profit rises from Rs 4.66 crore to Rs 33.12 crore within single quarter

ShareSansar, January 29:

Nepal Bangladesh Bank Limited (NBB) has posted profit growth of 22.13 percent in the second quarter of the current fiscal year 2071/72.

According to an unaudited financial statement published today, the bank disclosed that it achieved a net profit of Rs 33.11 crore in the second quarter of the current fiscal year compared to the net profit of Rs 27.11 crore in the corresponding period of last fiscal year 2070/71. Note that its net profit was only Rs 4.66 crore in last quarter.

The bank’s net interest income reached Rs 46.22 crore in the second quarter this year, which is a growth of 21.64 percent compared to the income of the same period last year.

While the bank was required to provision Rs 4.05 crore in the second quarter this year for the possible losses, but it could manage to write back Rs 7.53 crore that it had provisioned in the previous years for possible losses.

NBB Bank observed a satisfactory growth in terms of deposit collection and loan supply during the review period. While the bank mobilized Rs 27.20 arba on deposit in the second quarter this year, it extended a total of Rs 23.68 arba on loans.

It had mobilized a total of Rs 23.70 arba on deposit and Rs 15.98 arba on loans in the corresponding period of the last fiscal year 2071/72.

The bank also managed to slash its non performing loan (NPL) to 1.26 percent in the second quarter from 1.50 percent in the corresponding period of last year.

The annualized earning per share (EPS) and the net worth per share of the bank stand at Rs 27.24 and Rs 183 respectively. The P/E ratio remained 17 times.

Its capital adequacy ratio stands at 10.72 percent which signifies that bank has low fund to finance risky assets.