NIDC Dev Bank posts almost 3 fold profit rise in Q2

Feb 16 – NIDC Development Bank Limited reported a remarkable profit rise of 272 percent in the second quarter of the current fiscal year 2070/71 despite operational loss and huge provisioning— thanks to massive non operating income and write back amount.

 

Publishing its unaudited report for the second quarter today, the development bank has stated that its net profit has drastically surged to Rs 26.66 crore from merely 7.17 crore in the corresponding quarter of the last fiscal year.

 

It managed to post such a huge profit despite provisioning Rs 10.09 crore for possible losses and operational loss of Rs 2.17 crore.

 

The profit is attributable to a massive net non operating income of Rs 44 crore and the write back of Rs 2.28 crore.

 

It, nonetheless, has posted a net interest income of Rs 10.62 crore up from Rs 93.86 crore, and it mobilized Rs 1.38 arba in deposit and Rs 1.56 arba in loan as compared to Rs 93.86 crore in deposit and Rs 1.66 arba in loan in the corresponding quarter.

 

Though its non-performing loan has significantly gone down to 23.42 percent from 36.02 percent in the second quarter of the last fiscal, the NPL, obviously, is still pretty worrisome.

 

Its EPS (annualized) is now priced at Rs 128.26 and its net worth per share stands at Rs 462.94.

 

TOI