Siddhartha Bank profit Q1 surges by 626%; operational profit triples; NPL, too, grows by three times

ShareSansar, November 15:

Siddhartha Bank Limited has reported a massive net profit rise of 626 percent in its unaudited first quarter report made public today.

According to the commercial bank, it has posted a net profit of Rs 10.56 crore in the first quarter, up from just Rs 2.15 crore in the corresponding quarter last year.

The bank’s net interest income has surged from Rs 8.26 crore in the corresponding quarter to Rs 22.68 crore. It has also posted an impressive operational profit of Rs 15.75 crore, up from just Rs 3.38 crore.

However, its non performing loan has also increased from 0.84 percent to 1.51 percent.

Siddhartha Bank had mobilized Rs 29.16 arba in deposit and Rs 23.48 arba in loan in the first quarter compared to Rs 25.31 arba in deposit and Rs 20.87 in loan in the corresponding quarter.

However, its non performing loan has also risen from 1.90 percent to 3.06 percent.

The EPS (annualized) of the commercial bank stands at Rs 26.09 and net worth per share at Rs 171.65.