Prime Bank Q2 profit rises by 91.6 %; NIC Asia Bank also posts 65% profit rise
Wed, Feb 12, 2014 12:00 AM on Others,
ShareSansar, February 12:
Prime Commercial Bank Limited and NIC Asia Bank Limited were able to report a huge profit rise in the second quarter of the current fiscal year 2070/71, according to the unaudited second quarter report they have published today.
Prime Bank has stated that its net profit has increased by 91.65 percent to Rs 31.01 crore, up from Rs 16.18 crore in the corresponding quarter of the last fiscal year 2069/70.
It may be noted here that the profit was basically propelled by Prime’s profit from operational profit, especially write back of Rs 12.27 crore it had earlier provisioned for possible losses.
Its net interest income in the second quarter, however, remains more or less unchanged as compared to the corresponding quarter—at a little more than 48.79 crore.
Prime mobilized Rs 26.94 arba in deposit and Rs 23.32 arba in loan as compared to Rs 24.39 arba in deposit and Rs 20.39 arba in loan in the corresponding quarter.
It has also provisioned Rs 10.60 crore for possible losses.
Prime’s non-performing loan has also decreased from 3.51 percent to 2.21 percent.
Its EPS now stands at Rs 24.09 and its net worth per share at Rs 126.69.
Similarly, NIC Asia has reported a net profit rise of 65.16 percent in the second quarter as compared to the corresponding one.
It has reported a net profit of Rs 38.55 crore, up from Rs 23.34 crore. The growth was triggered by its core business as evident from its net interest income, which surged to Rs 85.67crore, up from 47.22 crore in the corresponding quarter.
NIC Asia mobilized Rs 38.44 arba in deposit and Rs 31.83 arba in loan as compared to just Rs 22.13 arba in deposit and Rs 17.84 arba in loan by the end of the second quarter of the last fiscal.
It is interesting to note that the bank has been able to post an impressive growth despite provisioning 18.61 crore for possible losses.
NIC Asia’s non-performing loan has, however, increased to 2.96 percent, up from just 1.20 percent in the corresponding quarter.
NIC's EPS now stands at Rs 33.34 and its net worth per share at Rs 241.92.
