Nepal Investment & Global IME Bank earning surpasses to Rs 77.01 crore & Rs 41.67 crore respectively in Q1

Nepal Investment Bank Limited (NIB) has posted astounding net profit growth by 79.19 percent in the first quarter (Q1) of the current fiscal year 2073/74. Publishing the unaudited financial report for the first quarter today, the commercial bank has stated that the bank’s net profit rose to Rs 77.01 crore in Q1, up from Rs 42.97 crore in the corresponding quarter of the previous fiscal year 2072/73. The bank has mobilized deposits of Rs 1.12 kharba in Q1 compared to Rs 95.89 arba in the corresponding quarter of the previous fiscal year. Likewise, it extended loans of Rs 94.44 arba up from Rs 74.11 arba. NIBL’s net interest income has increased to Rs 1.13 arba in the current quarter up from Rs 65.50 in the first quarter of FY 2073/74. It’s paid up capital remains at Rs 8.70 arba with reserve of Rs 8.40 arba. The bank has posted an operating profit of Rs 1.13 arba in the Q1. NIB’s non-performing loan has gone down from 1.07 percent to 0.71 percent in Q1. Its annualized Earning Per Share (EPS) now stands at Rs 35.38, net worth per share at Rs 196.48 and PE ratio at 22.81 times. Likewise, Global IME Bank Limited (GBIME) has registered profit rise of 34.37 percent in the first quarter of the current fiscal year 2073/74. According to the unaudited financial report published by the commercial bank today, its net profit has surged to Rs 41.67 crore in first quarter up from Rs 31.01 crore in the corresponding quarter of the last fiscal year 2072/73. The operating profit increased to Rs 54.53 crore in Q1 from Rs 43.59 crore as compared to the corresponding quarter of last fiscal year. Global IME Bank’s net interest income has risen to Rs 82.69 crore in the first quarter as compared to Rs 58.67 crore in the corresponding quarter. It’s paid up capital and reserves remains at Rs 7.15 arba and Rs 1.99 arba respectively. The bank also amassed huge amount of deposits in the Q1 of the ongoing fiscal year. Deposits collection reached Rs 79.50 arba in Q1 from Rs 63.09 arba in the corresponding period last year. Likewise, it has extended loans and advances of Rs 67.16 arba in Q1 whereas in the same period last year the figure stood at Rs 52.10 arba. Its non-performing loan has slightly declined to 1.71 percent in Q1 from 1.98 percent in the previous year report. Annualized EPS of GBIME stands at Rs 23.55, net worth per share at Rs 127.64, and the P/E ratio at 21.78 times. Global IME Bank had signed an agreement to acquire Reliable Development Bank on Ashwin 14, 2073. Also, GBIME is in the process of acquiring Pacific Development Bank. With the acquisition of two development banks, its paid up capital will exceed more than Rs 8 arba.