RBB out of red zone, posts 29% profit in Q1

ShareSansar, November 27:

Rastriya Banijya Bank Limited has posted 29 percent more net profit in the first quarter of the current fiscal year compared to the corresponding quarter last year.

The state-run commercial bank earned a net profit of Rs 25.92 crore in the first quarter while it had registered a profit of only Rs 20 crore in the first quarter of the last fiscal year, according to a press release issued by the bank.

The profit is attributed to its core business.

The bank succeeded to mobilize around 6 percent more deposit in the review period – altogether Rs 92.78 arba.

RBB also posted an impressive growth in terms of loan mobilization and investment.

It has posted 18 percent rise in loan disbursement and 19 percent in investment in the first quarter. It mobilized Rs 48.66 arba in loan and Rs 35.60 arba in investment.

Another promising aspect of the bank’s first quarterly report is that its net asset which was in negative terrain with Rs 60 crore loss in the first quarter of the last fiscal year has entered a positive zone now with Rs 1.74 arba.

However, its non performing loan still stands at 5.55 percent.

RBB is one of the largest bank in the country with 147 branches across 64 districts.