NCC posts only 2.82 % rise in Q2 profit due to heavy reliance on sluggish realty sector

ShareSansar, January 21:

Nepal Credit and Commerce Bank Limited has reported a a marginal rise of 2.82 percent in profit in the second quarter of the current fiscal year 2070/71.

The commercial bank’s net profit rose to Rs 15.99 crore in the second quarter, up from Rs 15.55 crore in the corresponding quarter last fiscal year, according to the unaudited second quarterly report NCC has published today.

It had mobilized Rs 2.20 arba in deposit and Rs 1.76 arba in loan compared to Rs 1.85 arba it had mobilized in deposit and Rs 1.56 arba in loan during the second quarter last year.

NCC Bank’s net interest income slumped to Rs 34.90 crore in the second quarter, down from Rs 39.47 crore in the corresponding quarter largely due to the sluggish realty market the bank has heavily invested on.

However, the quarterly report shows that NCC’s non-performing loan to the total loan has also decreased to 2.46 percent, down from 2.98 percent in the corresponding quarter.

NCC’s EPS stands at Rs 21.08, and its per share net worth stands at Rs 166.12 as per its second quarterly report.