NIC Asia Bank’s Net Profit Declines by 52.31%

Apr 19, 2024 07:20 AM Merolagani

NIC Asia Bank  (NICA) has published its third quarter report of the current FY. As per the report, the bank’s net profit has declined during the period.

The bank earned a net profit of Rs 1.91 billion in the review period. The net profit declined by 52.31 percent compared to the Rs 4.01 billion of the corresponding period of the last FY.

Decrease in net interest income and  increase in non-performing loans can be attributed to the decline in net profit.

In the review period, its net interest income decreased by 9.95 percent and  net fee and commission income by 13.50 percent.  Similarly, its total operating income dereased by 9.17 percent and operating profit declined by 37.31 percent. During the period, its bad debt increased to 3.08 percent from 0.85 percent. 

The bank has a distributable loss of Rs 1.72 billion.

The bank maintained EPS of Rs 17.12, P/E ratio of 22.85 times and net worth per share of Rs 205.47.

The bank with paid-up capital of Rs 14.91 billion has a reserve fund of Rs 15.73 billion. The bank collected deposit of Rs 327.16 billion and extended the loan of Rs 277.18 billion during the period.

 

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