Nepal Investment Mega Bank Reports 2522.47% Surge in Q1 Net Profit to Rs. 1.18 Arba
Summary
Nepal Investment Mega Bank reported a 2522.47% jump in first-quarter net profit to Rs. 1.18 arba in FY 2083/84, helped by a sharp fall in impairment charges. Deposits, loans, and net interest income rose modestly, while the bank’s NPL ratio climbed to 8.87%.
Key Points
- Nepal Investment Mega Bank’s net profit surged 2522.47% year-on-year to Rs. 1.18 arba in Q1 FY 2083/84.
- The jump was driven largely by a 60.81% decline in impairment charges, which boosted operating profit more than tenfold.
- Deposits increased 2.69% to Rs. 5.41 kharba and loans and advances rose 0.33% to Rs. 3.22 kharba.
- The bank’s NPL ratio rose to 8.87%, while its cost of funds fell to 3.07%.
