KATHMANDU

The profit of NIC Asia Bank has decreased by 42 percent. The bank has publicly announced that its unaudited financial report for the first quarter of the current fiscal year shows a decrease in profit of 42.49 percent.

The bank has earned a net profit of 1 billion, 1 crore, and 3 lakh rupees in the first quarter of the current fiscal year. Whereas, in the same period last year, the bank had earned a net profit of 1 billion 75 crore 67 lakh rupees. The decrease in the bank’s net interest income and an increase in impairment charges have put pressure on the bank’s profit.

According to the financial report released by the bank, the bank’s net interest income has decreased by 17.55 percent during this period, while the net fee income and commission have increased by 27.41 percent.

Similarly, during the review period, the bank’s impairment charges increased by 64 crore to 43 lakh rupees. Likewise, the bank’s total operating income has decreased by 11.11 percent, and operating profit has decreased by 38.94 percent. In the first quarter of the current fiscal year, the bank’s distributable profit was negative, amounting to 98 crore and 42 lakh rupees.

Along with the bank’s profit, earnings per share (EPS) have also decreased in the first quarter of this fiscal year. During this period, the bank’s EPS has decreased from 32 rupees (53 paisa) to 27 rupees (9 paisa). Currently, the bank’s net worth per share is 202 rupees (5 paisa).