Prime Commercial Bank profit up by 32%, NPL reduced to 1.5%

ShareSansar, August 15:

Prime Commercial Bank Ltd earned an impressive profit of Rs 63.24 crore in the fourth quarter of the last fiscal year 2070/71.

Publishing the unaudited financial results today, the bank stated that its net profit rose by 32 percent in the last year from Rs 47.98 crore in the corresponding period of the previous fiscal year 2069/70.

Net interest income of the bank reached Rs 1.06 arba, up from Rs 1.04 arba in the previous year.

The bank managed to write back Rs 13.13 crore from the amount that it had earlier set aside for the provision of possible loss.

The bank mobilized a total of Rs 34.06 arba in deposit and Rs 27.23 arba in loan, which is higher by Rs 5.25 arba toward deposit and Rs 6 arba in loan of the previous year.

The bank also reduced its non-performing loan (NPL) ratio to 1.5 percent from 2.23 percent in the previous year.

The EPS stands at Rs 23.97, P/E ratio 24.32 times and net worth per share Rs 141.06.