Nepal Insurance profit dips massively in Q2; posts net gain of Rs 1.94 lakh

ShareSansar, March 30:

Nepal Insurance Company Limited has reported a massive dip in the net profit in the second quarter of the current fiscal year 2070/71.

According to the unaudited second quarterly report published by the insurance company, its net profit dropped to merely Rs 1.94 lakh down from Rs 2.18 crore in the corresponding quarter of the last fiscal year 2069/70.

The growth was mainly stunted by a massive fall in income from Rs 3.91 crore in the corresponding quarter of the last fiscal to Rs 74.52 lakh in the second quarter.

The insurance company with a huge stake of Nepal Bank Limited has provisioned Rs 26.21 crore for risks and 17.98 crore for the unsettled claims.

Nevertheless, its EPS stands at Rs 15 and net worth per share is Rs 236.31.