Owing to provisioning worth Rs 49 crore, Nabil reports a profit drop of 4.5 % in Q2

ShareSansar, February 3:

Nabil Bank Limited, one of the top banks of the country, has reported a marginal drop of 4.5 percent in its profit in the second quarter of the current fiscal year 2070/71.

Publicizing the unaudited quarterly report for the second quarter today, the commercial bank has stated that it has posted a net profit of Rs 1.06 arba in the second quarter, down from Rs 1.11 arba in the corresponding quarter last fiscal year.

The drop in its profit is attributable to Rs 48.94 crore it has provisioned for the possible losses.

Nabil’s core business is, however, fine as its net interest income has risen to Rs 1.81 arba, up from Rs 1.66 arba in the second quarter last fiscal year.

It also mobilized Rs 68.86 arba in deposit and Rs 51.39 arba in loan as compared to Rs 58.99 arba in deposit and Rs 45.45 arba in loan in the corresponding quarter last year.

The bank’s non-performing loan has slightly increased to 3.05 percent, up from 2.68 percent in the same period of the previous fiscal year.

Its EPS (annualized) has fallen to Rs 70.03, down from Rs 91.64 and its net worth per share now stands at Rs 255, down from Rs 269.