Triggered by write back of Rs 30 crore, RBB reports 17% profit rise in second quarter

ShareSansar, February 13:

Rastriya Banijya Bank Limited has reported an impressive profit rise of 17 percent in the second quarter of the current fiscal year 2070/71.

According to the unaudited quarterly report published by the state-own commercial bank today, it earned a net profit of Rs 71.78 crore in the second quarter, up from Rs 60.99 crore in the corresponding quarter of the last fiscal year 2069/70.

RBB managed to post the profit owing to its core business. Its net interest income rose to Rs 1.72 arba from Rs 1.23 arba in the corresponding quarter.

The bank mobilized Rs 97 arba in deposit and Rs 52.17 arba in loan as compared to Rs 86.16 arba in deposit and Rs 43.20 arba in loan.

Another reason for its good balance sheet is that RBB managed to write back Rs 29.94 crore it had earlier provisioned for possible losses.

It has also provisioned Rs 31.65 for possible losses by the end of the second quarter.

However, RBB’s non-performing loan is still at a worrisome level, though it has significantly gone down to 4.92 percent from 6.53 percent.

With the unaudited report of RBB published today, only the state-run Nepal Bank Limited remains to publish its balance sheet for the second quarter among the total of 31 commercial banks in the country.