23rd October 2024, Kathmandu
Everest Bank Limited has published its financial report for the first quarter of the current fiscal year, showing a significant 44.44% increase in net profit compared to the same period last year.
Everest Bank Reports 44% Profit Surge
As of the end of Asoj 2081, the bank achieved a net profit of NPR 1.12 billion, up from NPR 780.7 million in the same period of the previous fiscal year.
Key Financial Highlights:
Net Profit Growth:
Everest Bank’s net profit surged by 44.44%, reaching NPR 1.12 billion in the first quarter of FY 2081/82, compared to NPR 780.7 million in the corresponding period last year.
Net Interest Income:
The bank’s net interest income rose by 13.09%, amounting to NPR 2.13 billion. This is a substantial increase from NPR 1.89 billion recorded in the first quarter of the previous fiscal year.
Operating Profit:
Everest Bank also saw a boost in its operating profit, which increased from NPR 1.11 billion to NPR 1.61 billion, demonstrating the bank’s strong operational performance.
Total Operating Income:
The bank’s total operating income grew from NPR 2.38 billion to NPR 2.67 billion, reflecting a solid growth trajectory in its revenue streams.
Distributable Profit:
For the review period, the bank’s distributable profit stood at NPR 1.63 billion.
Capital and Reserves:
Everest Bank’s paid-up capital remains at NPR 12.94 billion. The bank’s retained earnings amounted to NPR 1.63 billion, while its reserves reached NPR 13.53 billion.
Non-Performing Loans (NPL):
The bank reported an improvement in its NPL ratio, which decreased from 0.90% to 0.77%, demonstrating effective management of credit risk.
Key Ratios:
Base Rate: 6.80%
Earnings Per Share (EPS): NPR 34.85
Price-to-Earnings (P/E) Ratio: 17.79%
Net Worth Per Share: NPR 219.01
Conclusion:
Everest Bank’s strong first-quarter financial performance reflects its robust growth strategy and focus on profitability. The significant increase in net profit, operating income, and improved asset quality indicates the bank’s ability to navigate market challenges while continuing to deliver value to its shareholders. With a healthy EPS of NPR 34.85 and a lower NPL ratio, Everest Bank is well-positioned for sustained growth in the coming quarters.
For more: Everest Bank Reports 44% Profit Surge
