Rastriya Banijya Bank makes 32% profit growth; Deposit Rs 100 arba plus

ShareSansar, August 17:

The government owned Rastriya Banijya Bank Ltd (RBBL) has posted an impressive growth of 32 percent in the fourth quarter of the last fiscal year 2070/71.

Publishing the unaudited financial results today, the bank stated that its net profit reached Rs 1.73 arba, up from Rs 1.31 arba in the corresponding period of the previous fiscal year 2069/70.

The bank earned Rs 3.89 arba as the net interest income, which is a rise by Rs 60.38 crore in comparison to the previous year.

It was able to write back Rs 86.75 crore from the amount that the bank had earlier provisioned for the possible loss while Rs 63.89 crore was provisioned last year for the possible loss.

Another good part of the financial report of the bank is that it shows the non-performing loan (NPL) of the bank has come down to 3.95 percent from 5.32 percent last year.

The staff expenses of the bank last year stood at Rs 2.35 arba.  The bank stated that it provisioned Rs 60 crore for the retirement liabilities of the staff under the heading of staff expenses.

However, the bank could not provisioned Rs 148,540 for the staff bonus due to the restriction imposed by the Nepal Rastra Bank to the state-owned bank regarding the bonus distribution.
 
The bank mobilized Rs 107.27 arba in deposit and Rs 60.85 arba in loans in the last fiscal year, up from Rs 91.09 arba in deposit mobilization and Rs 49.04 arba of loan in the previous year.