6th August 2023, Kathmandu
Global IME Bank Net Profit has unveiled its fourth-quarter report for the previous fiscal year, showcasing an impressive financial performance that speaks of growth and stability.
During the reported period, the bank achieved an exceptional net profit surpassing Rs 7 billion, indicative of its robust financial health and strategic management.
The bank’s net profit for the period amounted to a substantial Rs 7.25 billion, demonstrating a remarkable growth rate of 46.26 percent in comparison to the preceding fiscal year’s figure of Rs 4.95 billion.
This notable expansion in net profit can be attributed to a concurrent increase in net interest income and operating profit, reflecting the bank’s effective strategies and prudent financial decisions.
One of the highlights of this performance is the bank’s distributable profit of Rs 2.95 billion, equating to a potential distribution of Rs 8.27 profit per share. This positive indicator reinforces the bank’s commitment to delivering value to its shareholders.
Throughout the review period, Global IME Bank showcased substantial growth across multiple dimensions. Notable achievements include a 66.37 percent surge in net interest income, a commendable 22.48 percent increase in net fee and commission income, a remarkable 52.49 percent boost in total operating income, and an impressive 44.26 percent rise in operating profit.
Global IME Bank Net Profit
While the bank’s net profit recorded growth, its Earnings Per Share (EPS) saw a slight decrease of Rs 0.56, settling at Rs 20.28. The bank maintained a Price-to-Earnings (P/E) ratio of 8.96 times, along with a net worth per share of Rs 164.05, reflecting its strong financial foundation.
Global IME Bank, with a substantial paid-up capital of Rs 35.77 billion, has also prudently accumulated a reserve fund of Rs 22.91 billion, enhancing its financial stability. Notably, during this period, the bank experienced significant growth in deposits, with a notable increase of 53.93 percent, and loan extensions grew by an impressive 38.09 percent.
The bank’s commendable financial performance underscores its commitment to prudent management, growth-oriented strategies, and shareholder value. As it continues on this trajectory, Global IME Bank is positioned to make a substantial impact on the banking sector and contribute positively to the economy’s development.