Paschimanchal Dev. Bank profit mounts by 15.80% in Q3; joint operation with Mega Bank to start from tomorrow

Paschimanchal Development Bank Limited (PDBL) has reported profit rise of 15.80 percent in the third quarter of the current fiscal year 2072/73. In the unaudited financial report for the third quarter published today, the bank has stated that its net profit rose to Rs 5.08 crore in the third quarter up from Rs 4.39 crore reported in the corresponding quarter of the fiscal year 2071/72. The development bank has collected deposits of Rs 3.94 arba in the Q3 of FY 2072/73 as against Rs 3.52 arba in the corresponding quarter of FY 2071/72. Meanwhile, it has mobilized loans and advance of Rs 2.91 arba in Q3 decreasing from Rs 3.17 arba of the previous year corresponding quarter. It’s paid up capital remains at Rs 37.01 crore and has a reserve of Rs. 21.62 crore. Paschimanchal Development bank’s net interest income has decreased from Rs 14.14 crore in the corresponding quarter last year to Rs 13.07 arba in the third quarter of 2072/73. The bank’s non-performing loan (NPL) has gone down from 2.33 percent in the corresponding quarter of previous fiscal year to 1.49 percent in Q3 of current fiscal year. Its CD ratio stands at Rs 64.52 percent. It’s Earning per Share (EPS) stands at Rs 13.74, net worth per share is Rs 158.43 and P/E ratio stands at 20.60 times. Mega Bank Nepal Limited (MEGA) had signed a memorandum of understanding with Paschimanchal Bikas Bank for merger on Magh 14, 2072. Both the bank joint operation will start from tomorrow (13 Baishak, 2073). The merged entity will function as Mega Bank Nepal Limited.