Citizens Bank Logs Decrease in Net Profit

Jan 20, 2020 10:41 AM Merolagani

Citizens Bank International Bank (CZBIL) has published its second-quarter financial report as per which its net profit has decreased in compare to the corresponding period of the last FY. The net profit decreased due to the huge increase in its interest expenses.

In the review period of the last FY, the bank spent Rs 2.80 billion in interest expenses which increased to Rs 3.24 in the review period of the current FY leading to decline in net interest income and net profit. In the review period, the net profit decreased by Rs 82.6 million to Rs 687.7 million.

Along with net profit, its EPS also decreased by Rs 2.47 to Rs 15.97 compared to Rs 18.42 of the review period of the last FY. The bank maintained P/E ratio of 12.41 times and net worth per share of Rs 141.13.

During the period, the bank collected deposit of Rs 75.59 billion and extended loan of Rs 69.09 billion. It earned Rs 1.43 billion in net interest income during the period. The net interest income decreased by Rs 56.5 million compared to the review period of the last FY.

Similarly, it earned operating profit of Rs 955.9 million during the period. The bank with paid-up capital of Rs 8.62 billion has reserve fund of Rs 2.88 billion and shareholders fund of Rs 663.4 million.

The bank has Rs 621 million in distributable profit and bad debt ratio of 0.99 percent.

 


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