Nepal SBI Bank net profit surges by 17.10% in Q2; Right shares of face value Rs 2.60 arba at premium price in pipeline

Nepal SBI Bank Limited’s (SBI) net profit has  surged by 17.10% in Q2 of the fiscal year 2072/73.The commercial bank earned Rs.62.39 crore in the second quarter. The net profit was Rs. 53.27 crore in the corresponding quarter of the previous fiscal year. Publishing the unaudited financial report for Q2 today, the commercial bank’s deposit collection increased to Rs.58.35  arba  from Rs.57.25 arba in Q2 last year. It extended loans of Rs.41 arba, rising from Rs.37.21 arba of the corresponding quarter of the previous fiscal year. The commercial bank’s net interest income reached to Rs.1.14 arba, up from Rs 96.70 crore in Q2. Nepal SBI Bank’s paid up capital remains at Rs.3.05 arba and has a reserve of Rs.3.25 arba. The commercial bank has an operating profit of Rs.92.71 crore. Its NPL dropped to 0.17% from 0.22% in the second quarter. Nepal SBI Bank’s EPS stands at Rs.40.81,  its net worth per share is Rs.206.45, and P/E ratio is at 38.35 times Nepal SBI bank Ltd. has proposed 27 % stock & 1.42% cash dividend (for tax purpose) which is subject to approval from  upcoming AGM scheduled on Magh 24, 2072.. Besides, the bank has also proposed right shares of face value up to Rs 2.60 arba at premium price. Further, the bank plans to endorse a proposal, through AGM, to delegate the authority to the Bank’s Board to fix the premium for the rights issue. The right will be issued within the ceiling of net-worth per share as per the last audited financial statements.