Global IME Bank has published its unaudited financial report for the fourth quarter of the last fiscal year, showing a significant rise in net profit despite a decrease in net interest income.
Global IME Bank recently shared its unaudited financial report for the fourth quarter of the previous fiscal year. According to this report, the bank’s net profit grew by 22.67 percent, reaching Rs 6.23 arba. Last year, during the same period, the company had earned a net profit of Rs 5.08 arba.
Even though the bank’s net interest income saw a small drop during this period, the profit improvement was mainly because the impairment charge fell significantly, and operating income increased. The bank had to set aside less money for potential loan losses; the impairment charge decreased from Rs 5.98 arba in the previous year to just Rs 4.79 arba. This change had a positive impact on the bank’s profit.
Looking at the review period, the bank’s net interest income decreased by 2.86 percent to Rs 16.20 arba. However, income from fees and commissions went up by 13 percent, reaching Rs 3.64 arba. Likewise, the total operating income saw a 2.61 percent increase, climbing to Rs 21.80 arba. The operating profit also grew impressively by 20.03 percent, reaching Rs 8.68 arba.
The bank’s non-performing loan (NPL) ratio saw a slight increase. It rose by 0.10 percentage points from 4.86 percent in the previous year to 4.96 percent. This suggests a little pressure on the quality of loans, but the decrease in impairment expenses helped boost the overall profit.
During the reviewed period, Global IME Bank collected Rs 669.17 arba in deposits, which is 21.53 percent more than the previous year. Similarly, the loans provided by the bank increased by 7.13 percent, totaling Rs 439.35 arba.
Currently, the bank’s paid-up capital stands at Rs 38.12 arba. The distributable profit for shareholders, which can be share as dividends, has increased by 12.98 percent to Rs 4.58 arba. Also, the reserve fund holds Rs 27.11 arba. The distributable earnings per share (EPS) also rose from Rs 10.64 to Rs 12.02.
The bank’s overall earnings per share (EPS) increased by Rs 3.02, now standing at Rs 16.34. The net worth per share is Rs 183.14.
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