However, due to the regulatory adjustment of above Rs 140 required as per NRB directive, the distributable profit of the bank has decreased by Rs 40 million compared to the corresponding period of the last FY.
One of the finest commercial bank of Nepal, Everest Bank has earned a net profit of Rs 633.3 million in the first quarter of the current FY as per the financial report published under NFRS format.
The bank earned a net profit of Rs 531.4 million in the corresponding period of the last FY. The net profit increased by 19.18 percent during the review period.
Meanwhile, the bank earned Rs 490.1 million in distributable profit which was Rs 531.4 million in the corresponding period of the last FY.
Similarly, the bank increased its deposit collection by 21.10 percent to Rs 120.33 billion from earlier Rs 99.37 billion. In the same period, the company increased its loan extension by 26.21 percent to Rs 103.31 billion from earlier Rs 81.85 billion.
During the period, the company raised its paid-up capital to Rs 8.10 billion. The bank maintained EPS of Rs 31.56 and P/E ratio of 20.25 times. The bank has reserve fund of Rs 8.63 billion.
Likewise, the bank increased its net interest income by Rs 279.6 million to Rs 1.31 billion compared to Rs 1.03 billion of the last FY.
Moreover, the bank decreased its bad debt ratio to Rs 0.21 percent. The bank has CD ratio of 77.32 percent that indicates that the bank will have to increase its deposit collection for further expand its loan extension. The bank has base interest rate of 8.80 percent and cost of fund of 6.08 percent.