NMB Bank’s profit jumps 57%; earns Rs 14.28 crore net profit in Q1

ShareSansar, October 28:

NMB Bank Ltd has posted a hefty profit growth of 57.25 percent in the first quarter of this fiscal year compared to the profit in the corresponding period of the last fiscal year.

According to the unaudited financial statement of the bank published today, it achieved a net profit of Rs 14.28 crore in the first quarter of the current fiscal year 2071/72, up from Rs 9.08 crore in the same period of the last fiscal year 2070/71.

The operating profit of the bank rose to Rs 19.46 crore as of first quarter ending this year from Rs 11.75 crore in the previous year’s first quarter ending.

The bank was able to gain handsome amount of profit in the first quarter due to the rise in the net interest income—the major source of income.

During the review period, the bank earned Rs 25.38 crore as net interest income compared to Rs 16.95 crore in the corresponding period last year.

Likewise, the deposit collection of the bank jumped to Rs 27.35 arba in the first quarter of the running year from Rs 20.20 arba in the same period last year. The bank extended a total of Rs 21.12 arba in loans in this year, up from Rs 16.19 arba in corresponding quarter ending of last fiscal year.

Non-performing loan (NPL) of the bank came down to 0.53 percent from 1.83 percent in the first quarter ending of last year.

The annualized earnings per share (EPS) of the bank stood at Rs 28.56 and net-worth per share was Rs 160.44. Price earnings ratio (annualized) was 17.75 times.