Pokhara based Fewa & Gandaki Bikas Bank earns Rs 6.22 crore & Rs 3.25 crore respectively in Q1

Fewa Bikas Bank Limited (FBBL) has reported 33.62 percent rise in profit for the first quarter of the fiscal year 2073/74. As per the unaudited report for the first quarter published today, the bank’s net profit rose to Rs 6.22 crore in the first quarter of fiscal year 2073/74, up from Rs 4.65 crore reported in the same quarter of the fiscal year 2072/73. Fewa Bikas Bank has collected 12.12 arba in deposit and extended a total of Rs 10.58 arba in loans and advances in the first quarter of fiscal year 2073/74. In the previous quarter of fiscal year 2072/73, the bank deposits stood at Rs 9.84 arba and loan and advances at 8.46 arba. Its net interest income surged to Rs 15.47 crore in Q1 up from Rs 11.52 crore in the corresponding quarter. It’s paid up capital remains at Rs 99.50 crore with reserve of Rs 55.22 crore. The bank reported a CD ratio of 77.53 percent. FBBL’s non-performing loan (NPL) has inclined to 1.59 percent from 1.38 percent in the previous quarter. Annualized Earning per Share (EPS) of the bank stands at Rs 25.02 and net worth per share is at Rs 155.50. Likewise, Gandaki Bikas Bank Limited (GDBL) has reported 61.72% growth in net profit for the first quarter of the current fiscal year 2073/74. Publishing the unaudited financial report for the first quarter today, the development has stated that its net profit rose to Rs 3.25 crore in Q1 up from Rs 2.01 crore reported in the corresponding quarter of the previous fiscal year 2073/74. Gandaki Bikas Bank has collected deposits of Rs 5.56 arba in Q1 compared to Rs 4.52 arba in the corresponding quarter last year. Likewise, it extended loans of Rs 4.81 arba, up from Rs 3.89 arba. GDBL’s net interest income has risen from Rs 5.08 crore in the corresponding quarter last year to Rs 7.42 crore in the first quarter of fiscal year 2073/74. It’s paid up capital remains at Rs 53.85 crore and has reserve of Rs 24.93 crore in Q1. The development bank non-performing loan (NPL) has declined from 0.74% in the corresponding quarter to 0.50% in Q1. Its annualized earning per share (EPS) now stands at Rs 24.20, net worth per share at Rs 146.29 and P/E ratio at 20.89 times. Gandaki and Fewa Bikas Bank had signed an agreement for the merger process. Trading of both banks has been suspended in Nepal Stock Exchange Limited (NEPSE)