Nepal SBI profit rises by 16.06%, earns Rs 53.27 crore in Q2

ShareSansar, February 3:

Nepal SBI Bank Limited has posted a satisfactory profit growth of 16.06 percent in the second quarter of the current fiscal year 2071/72.

According to an unaudited financial statement published today, the bank disclosed that it achieved a net profit of Rs 53.27 crore in the second quarter of the current fiscal year compared to the net profit of Rs 45.90 crore in the corresponding period of last fiscal year 2070/71.

The bank’s net interest income reached Rs 96.70 crore in the second quarter this year, which is a growth of 16.03 percent compared to the income of the same period last year.

While the bank was required to provision Rs 5.37 crore in the second quarter this year for the possible losses, but it could manage to write back only Rs 1.61 crore that it had provisioned in the previous years for possible losses which is the main reason that banks able to increase profit by good margin this quarter.

Nepal SBI observed a satisfactory growth in terms of deposit collection and loan supply during the review period. While the bank mobilized Rs 57.25 arba on deposit in the second quarter this year, it extended a total of Rs 38.94 arba on loans.

It had mobilized a total of Rs 56.44 arba on deposit and Rs 32.32 arba on loans in the corresponding period of the last fiscal year 2070/71.

The annualized earning per share (EPS) and the net worth per share of the bank stand at Rs 34.84 and Rs 174.70 respectively. The P/E ratio remained 27.26 times. Its NPA stands at 0.22%.