Weak core business triggers 30% drop in profit of NCC
Fri, Nov 15, 2013 12:00 AM on Others,
ShareSansar, November 15:
NCC Bank Limited has stated that its net profit rise has dropped by 30 percent in the first quarter of the current fiscal year 2070/71.
According to its unaudited first quarter report made public today, the commercial bank has posted a net profit of Rs 3.25 crore in the first quarter, down from Rs 4.69 crore in the corresponding quarter last year.
The bank’s net interest income has also decreased from Rs 17.20 crore in the corresponding quarter to Rs 13.07 crore in the first quarter.
Its operational profit has, however, increased from Rs 89.37 lakh to Rs 3.33 crore in the first quarter.
The rise in operational profit is attributed to decrease in provision amount which stands at Rs 4.12 crore compared to Rs 13.57 crore last year.
Decrease in the provision has also lowered the non performing loan to 2.82 percent, down from 3.13 percent in the corresponding quarter.
NCC mobilized Rs 22.68 arba in deposit and Rs 16.84 arba in loan in the first quarter compared to Rs 17.70 arba in deposit and Rs 14.65 arba in loan in the corresponding quarter.
Its EPS (annualized) is at Rs 13.82 and net worth per share at Rs 161.82.
