Nepal Bank profit shoots up to Rs 26.91 crore in Q1, write backs Rs 32 crore

ShareSansar, November 16:

Nepal Bank Limited (NBL) reported massive 1173 percent increase in its net profit for first quarter of the current fiscal year 2071/72.

Publishing the unaudited financial report for the first quarter, the bank has stated that its net profit has increased to Rs 26.91 crore up from Rs 2.11 crore as compared to the corresponding quarter of the last fiscal year 2070/71.

The net profit was mainly accompanied by the core business of the bank as the net interest income rose to Rs 59.64 crore up from Rs 43.83 crore as compared to the corresponding quarter. Moreover, the provision for possible loss has also increased to Rs 9.18 crore from Rs 6.52 crore.

The banks able to write bank Rs 32.09 crore, which is the main reason behind the increment in net profit this quarter.

The commercial bank has rise in deposits to Rs 70.82 arba as compared to the corresponding quarter which was Rs 63.03 arba; likewise, the loan and advances reached to Rs 42.13 arba in the first quarter compared to Rs 37.12 arba in the corresponding quarter.

It’s non performing loan has reduced slightly to 4.78 percent as compared to 4.72 percent in the corresponding quarter of the last fiscal year.

It’s annualized EPS stands at Rs 27.15, per share net worth at Rs 41.25 and the P/E ratio is 14.36 times.

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