Rastriya Banijya Bank Limited has reported a significant 175.52% growth in net profit for the first quarter of FY 2083/84, reaching Rs 1.64 Arba compared to Rs 59.87 Crores in the corresponding quarter of the previous fiscal year. The bank's paid-up capital remained unchanged at Rs 15.64 Arba, while retained earnings increased by 27.43% to Rs 13.72 Crores and reserves grew by 3.44% to Rs 40.73 Arba.
During the quarter, the bank's total deposits increased by 4.16% to Rs 7.15 Kharba, while loans and advances grew by 2.51% to Rs 3.40 Kharba. Net Interest Income surged by 37.46% to Rs 4.01 Arba from Rs 2.92 Arba in the corresponding period. Personnel expenses increased by 5.56% to Rs 1.51 Arba, while impairment charges declined sharply by 63.51% to Rs 35.57 Crores.
The substantial rise in net interest income and decline in impairment charges contributed to a 175.91% increase in operating profit, which reached Rs 2.35 Arba compared to Rs 85.24 Crores in the corresponding quarter.
Rastriya Banijya Bank's distributable profit after profit/loss appropriation and regulatory adjustments stood at Rs 13.72 Crores, compared to Rs 21.47 Crores in the corresponding quarter. The bank's capital adequacy ratio stood at 11.53%, while the Non-Performing Loan (NPL) ratio increased slightly to 3.89% from 3.83%. The cost of funds declined to 2.81% from 3.16%.
The bank's annualized Earnings Per Share (EPS) surged to Rs 42.20 from Rs 15.32, marking a 175.52% increase. Meanwhile, net worth per share increased by 2.94% to Rs 369.23 from Rs 358.68 in the corresponding quarter.
* Figures are of Immediate Previous Year Quarter Ending
