Nirdhan Utthan profit jumps 125 percent, provisions Rs 89.83 lakh for possible loss

ShareSansar, August 8:

Nirdhan Utthan Bank Ltd has posted the profit rise of 125 percent in the fourth quarter of the last fiscal year 2070/71.

According to the unaudited financial statement published today, the net profit of the bank jumped to Rs 20.17 crore in the quarter ending of fiscal year 2070/71, up from Rs 8.98 crore in the corresponding previous year quarter ending.

The net interest income of the bank surged to Rs 54.87 crore last year from Rs 36.46 crore in the previous year.

It also provisioned Rs 89.83 lakh last year for the possible losses.

The micro credit development bank which is headquartered at Naxal in Kathmandu mobilized Rs 1.87 arab on deposit and extended Rs 4.82 billion on net loan in last fiscal year compared to the mobilization of Rs 1.32 arab on loan and Rs 3.57 arab on loan on previous year.

Its EPS stands at Rs 84.04, net worth per share Rs 239.85 and P/E ratio at 15.83 percent.

The bank has also been able to bring down the non-performing loan (NPL) to 0.58 percent last year from 0.93 percent on previous year.