NIFRA’s Net Profit Falls 20.16% in First Quarter of FY 2083/84

Nepal Infrastructure Bank Limited (NIFRA) reported a 20.16% decline in net profit to NPR 166.4 million in the first quarter of fiscal year 2083/84, compared to NPR 208.5 million in the same period last year.

According to the bank’s financial results, operating profit fell 19.50% to NPR 240.1 million, while interest income declined 7.73% to NPR 344.2 million.

Despite lower profitability, the bank recorded growth in deposits and lending. Deposits increased to NPR 12.04 billion from NPR 7.82 billion a year earlier, while loans and advances rose to NPR 34.17 billion from NPR 26.18 billion.

The bank’s paid-up capital stood at NPR 21.60 billion, while its reserve and surplus declined 38% to NPR 2.67 billion. Annualized earnings per share (EPS) dropped to NPR 3.08 from NPR 3.86 in the corresponding period last year. The bank’s net worth per share stood at NPR 112.38.