Sustaining rapid growth, Mega Bank reports 98% net profit rise in Q3

ShareSansar, May 4:

Mega Bank Nepal Limited, one of the youngest commercial bank which has been exceeding its shareholders’ expectation from day one, has posted yet another massive profit rise in the third quarter of the current fiscal year 2070/71.

As in the second quarter the net profit was propelled by foreign exchange gain besides core business growth.

Publishing the unaudited quarterly report for the third quarter today, the commercial bank has stated that it posted net profit rise of 98 percent in the quarter as its net profit rose to Rs 25.79 crore, up from Rs 13.01 crore in the corresponding quarter of the last fiscal year 2069/70.

Mega has managed to post the impressive growth despite provisioning Rs 6.28 crore for possible losses.

Its net interest income surged to Rs 61.49 crore, up from Rs 50.58 crore in the third quarter of the last fiscal year and it made an impressive foreign exchange gain of Rs 8.49 crore, up from just Rs 4.10 crore in the corresponding quarter.

The commercial bank also mobilized Rs 17.05 arba in deposit and Rs 15.25 arba in loan as compared to Rs 8.32 arba in deposit and Rs 11.61 arba in loan in the corresponding quarter of the last fiscal.

However, the bank’s non-performing loan has slightly increased from 1.84 percent in the third quarter of the last fiscal year to 1.99 percent.

Mega’s EPS by the end of third quarter stands at 11.07 and its net worth per share stands at 116.31.

It may be noted here that Mega had posted an astounding 291 percent growth in net profit in the first quarter and 98 percent growth in the second quarter of the current fiscal year.