Prime Bank Q3 profit crosses Rs 45 crore; targets over Rs 70 crore by Q4

ShareSansar, April 21:

Prime Commercial Bank Limited is poised to make a net profit of more than Rs 70 crore by the fourth quarter in the current fiscal year 2070/71, according to highly placed sources in the bank.

Going by that data, Prime’s net profit is likely to rise by 47 percent in the current fiscal year as compared to the last fiscal year 2069/70.

It had posted a growth in net profit of 78.06 percent in the last fiscal year 2069/70 by earning a profit of Rs 47.97 crore.

“Another encouraging thing about Prime Bank’s financial health in the current fiscal is that its non-performing loan is falling significantly,” the source said, though he did not provide the figure.

Prime’s NPA had risen by an alarming 193.42 percent from 0.7 percent in the previous fiscal to 2.23 in the last fiscal year.
 
Though the young commercial bank is yet to publish its unaudited third quarter report, the source informed that Prime has earned a net profit of more than Rs 45 crore in the third quarter, up from Rs 38.80 crore it posted in the corresponding quarter of the last fiscal year 2069/70.

Now, for the bank to post a net profit of more than Rs 70 crore by the fourth quarter, up from Rs 45 crore in the third quarter, its net profit must rise by 56 percent.

If we compare the third and the fourth quarterly report of the bank in the last fiscal year, we see that the net profit had risen by 24 percent.

But the source insists that the bank will be able to make the profit building on the momentum all through the current fiscal year.

Prime Bank had posted a net profit rise of 91.65 percent to Rs 31.01 crore in the second quarter, up from Rs 16.18 crore in the corresponding quarter of the last fiscal year 2069/70.

It had posted 38 percent net profit rise in the first quarter as compared to the corresponding quarter of the previous fiscal.