Sagarmatha Merchant’s Q3 profit rises by 5.6 fold; CNDBL's profit grows by 99%

ShareSansar, April 22:

Sagarmatha Merchant Banking & Finance Limited and Country Development Bank Limited have reported massive growth in net profit in the third quarter of the current fiscal year 2070/71.

The unaudited third quarterly report published by Sagarmatha Merchant Banking & Finance Limited today states that its net profit has risen by an astounding 569 percent by the end of the third quarter.

The merchant banker headquartered in Lalitpur has stated that its net profit has risen to Rs 2.79 crore in the third quarter, up from just Rs 41.82 lakh in the corresponding quarter.

The profit was propelled by its core business as its net interest income rose to Rs 5.05 crore in the third quarter as compared to Rs Rs 3.13 crore.

It managed to post the impressive profit despite provisioning Rs 94.04 lakh for the possible losses.

Another impressive thing about its third quarterly report is that its non-performing loan has also dropped from 4.63 percent to 3.58 percent.

Sagarmatha Merchant’s EPS (annualized) now stands at Rs 22.61 and its net worth per share is priced at Rs 134.97.

Publishing its unaudited quarterly financial report today, Country Development Bank, too has stated that its net profit has surged from Rs 1.13 crore from the third quarter of the last fiscal year 2069/70 to Rs 2.25 crore—a rise of 99 percent.

Its net interest income has grown to Rs 4.91 crore in the third quarter from Rs 4.02 crore in the corresponding quarter of the last fiscal year.

However, Country Development Bank’s non-performing loan has also risen from 2.35 percent to 2.53 percent by the end of the third quarter.

Nonetheless, this figure is still lesser as compared to its NPL in the second quarter, which stood at 5.53 percent.

Its EPS is priced at Rs 7.04 and the net worth per share at 120.23.