NIBL profit surges to Rs 48.84 crore; NIC Asia earns Rs.15.42 crore in Q1

ShareSansar, November 9:

Publishing the unaudited financial quarterly report today, Nepal Investment Bank Limited (NIBL) stated that it’s earned Rs 48.88 crore, up from Rs 46.19 crore in the corresponding period of the previous fiscal year 2070/71; which is just a meager increment of 5.72 percent in the given period.

Net interest income of the bank increased to Rs. 70.55 crore, up from Rs.68.16 crore in the previous year same period.  

The bank has been able to mobilize Rs. 74.93 arba in deposits and extended a total of Rs.59.81 arba on loans and advances in the first quarter compared to Rs. 71.14 arba deposits and Rs. 50.21 arba loans in the corresponding quarter last fiscal year.

During the given period NIBL managed to write back Rs. 23.57 crore from the amount earlier provisioned for the possible losses. And, the total provision kept for the possible losses is Rs. 19.79 crore.

There is a fall in the Non-performing loan (NPL) of the bank. It comes down to 1.55 percent from 1.70 percent in the previous year.  

NIBL annualized EPS is at Rs 40.97, while its P/E ratio stands at 18.67 times and its net worth per share at Rs 176.59.

Similarly, NIC Asia Bank Limited posted a meager 6.42% growth in net profit in Q1 compared to last fiscal year.

Bank’s earns net profit of Rs.15.42 crore in the first quarter of the FY 2071/72 whereas bank’s earned Rs.14.49 crore in same period of previous fiscal year.

Its Net Interest Income stands at Rs.40.77 crore compared to Rs.40.08 crore of last fiscal year which signal that there is a less growth in the business of NIC Asia.

Deposits and loans are Rs. 46.88 arba and Rs.37.46 arba respectively during the period.

The bank managed to write back Rs. 1.97 crore from the amount earlier provisioned for the possible losses; whereas, provisioned Rs. 9.89 crore for the possible loss in this quarter.

Its NPA stands at 2.62%, annualized EPS is Rs.26.69 and net worth per share is Rs.217.87.