NIC Asia does it again: Reports 62.89% net profit rise in third quarter

ShareSansar, May 13:

Propelled by core business growth, NIC Asia has once again reported a massive net profit rise of  62.89 percent in the second quarter of the current fiscal year 2070/71 as compared to the corresponding quarter.

The commercial has been posting impressive growth all through the current fiscal year. It had registered a net profit growth of 65.16 percent in the second quarter.

Publishing the unaudited financial report for the third quarter today, the commercial bank has reported a net profit of Rs 62.73 crore, up from Rs 38.51 crore.

The growth was  triggered by its core business as evident from its net interest income, which for the first time ever surged to Rs 1.30 arba, up from 73.82 crore in the corresponding quarter.

It is interesting to note that the bank has been able to post a massive profit growth despite provisioning 25.61 crore for possible losses.

It was also able to write back Rs 12.59 crore of the sum it had provisioned for possible losses.

NIC Asia mobilized Rs 40.56 arba in deposit and Rs 33.29 arba in loan as compared to just Rs 23.36 arba in deposit and Rs 18.81 arba in loan by the end of the third quarter of the last fiscal.

NIC Asia’s non-performing loan has, however, increased to 2.77 percent, up from just 1.10 percent in the corresponding quarter.

NIC's EPS has now risen to Rs 36.18, its net worth per share is now priced at Rs 216.97, and P/E ratio stands at 20.