NCC Bank publishes first quarterly report after merger; net profit of Rs 7.76 crore & EPS at Rs 3.31 only

Nepal Credit and Commerce Bank Limited (NCCB) has published its first quarterly statement after its merger with Infrastructure Development Bank, Apex Development Bank, Supreme Development Bank and International Development Bank Limited. Its net profit has decreased to Rs 7.76 crore in the second quarter of the ongoing fiscal year 2073/74, down from Rs 24.68 crore last year. However, its net interest income has increased 104% to Rs 1.03 arba from Rs 50.53 crore last year. This rise in net interest income could not convert to net profit as it has set aside Rs 65.37 crore just for provision for possible loss. Its non-performing loan (NPL) has increased to 4.84% from 1.30%. It has a deposit base of Rs 55.46 arba with loans worth Rs 48.42 arba disbursed. Its CCD ratio at the end of Q2 this year stands at 78.68%. Its paid-up capital after merger stands at Rs 4.67 arba with a reserve of Rs 2.30 arba. Its annualized EPS has shrunk to only Rs 3.31 with net worth per share of Rs 149.24. NCC Bank had merged with Infrastructure Development Bank, Apex Development Bank, Supreme Development Bank and International Development Bank in a share swap of 100:76:47:75:72. Their joint operation started from January 1, 2017.