NIC Asia Bank Earns Net Profit of Rs 2.27 Bn

May 13, 2019 Merolagani

NIC Asia Bank (NICA) has increased its net profit by Rs 1.34 billion to Rs 2.27 billion compared to the corresponding period of the last FY.

The bank increased the net profit by 145 percent despite allocating Rs 949.6 million in provision for possible losses.

The bank with Rs 8.83 billion in paid-up capital has Rs 1.05 billion in distributable profit.

During the period, the bank collected deposit of Rs 154 billion and extended loan of Rs 141 billion. The bank earned Rs 5.32 billion in net interest income compared to Rs 2.65 billion of the review period of the last FY.

During the period, the bank maintained reserve fund of Rs 4.05 billion and retained earning of Rs 1.39 billion.  However, the bad debt of the bank also rose to 0.45 percent compared to 0.22 percent of the last FY.

The bank has base interest rate of 9.30 and cost of fund of 7.09 percent.  The bank has EPS of Rs 34.36, net worth per share of Rs 161.74 and P/E ratio of 13.64 times.   

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