Supreme posts double profit growth in Q4, NPL down by 4.66%

ShareSansar, August 7:

If you still think that Supreme Development Bank is yet not good to bank on, you are in for surprise.

The net profit of the development bank based in Kathmandu has surged by 128 percent in the fourth quarter of the last fiscal year 2070/71—propelled largely by core business and a massive write back amount.

According to the unaudited financial report of the development bank published today, its net profit increased to Rs 5.73 crore by the quarter end of the last fiscal year 2070/71 from Rs 2.52 crore in the corresponding quarter of the previous fiscal year  2069/70.  

Supreme’s net interest income rose to Rs 15.16 crore by this quarter end, up from Rs 13.94 crore in corresponding previous fiscal year quarter.

Its total deposit mobilization in the fiscal year 2070/71 stands at Rs 2.36 arba while it extended a total of Rs 2.38 arba in loan and advancement. The bank had mobilized Rs 1.92 arba in deposit and Rs 1.93 arba on loan in the corresponding period of the previous fiscal year.

The bank has provisioned Rs 18.74 crore for possible loan loss by the fourth quarter end, which led to an operating loss of Rs 8.90 crore.

However, it also managed to write back a massive sum of Rs 17.91 crore during the same period.

Supreme’s non-performing loan has also dropped drastically from 8.86 percent to 4.20 percent.