NIDC Development Bank shows an astounding growth of 92% in the net profit; Net worth at Rs 855.62

NIDC Development Bank (NIDC) has registered an amazing growth of 92.02% in the second quarter of the current FY 2073/74. According to the unaudited financial report published by the development bank today, its net profit has increased to Rs 13.43 crore in second quarter, up from Rs 6.99 crore in the corresponding quarter of the previous fiscal year. NIDC’s net interest income has risen to Rs 12.98 crore in Q2 as compared to Rs 9.68 crore in the corresponding quarter of the last fiscal year. As of Q2, it has a paid up capital of Rs 41.58 crore with a massive reserve of Rs 3.14 arba. The bank also collected deposits of Rs 1.42 arba in Q2, down from Rs 1.60 arba in the corresponding period last year. Likewise, it has extended loans and advances of Rs 2.56 arba in Q2 whereas in the same period last year, the figure stood at Rs 2.06 arba. Its CCD ratio stands at 60.15%. NIDC’s annualized Earnings per Share (EPS) stands at Rs 64.16 per share. It has a net worth per share of Rs 855.62. The development bank is in a merger process with Rastra Banijya Bank.