Banking News – Machhapuchchhre Bank Limited has published its unaudited financial results for the fourth quarter of the last fiscal year, reporting a 12.24 percent increase in net profit to Rs. 2.11 billion.

The bank earned Rs. 2.1141 billion in net profit by the end of the last fiscal year, up from Rs. 1.8836 billion recorded in fiscal year 2081/82. Similarly, the bank’s distributable profit increased from Rs. 936.4 million to Rs. 982 million during the review period.

Profit before allocation to the reserve fund also increased, rising from Rs. 1.0416 billion to Rs. 1.1983 billion.

The bank has also set aside Rs. 75.5 million for dividends on the Rs. 3 billion non-redeemable non-cumulative preference shares issued during the last fiscal year. Following the allocation, the bank’s dividend capacity stands at 7.51 percent.

The bank’s major sources of income also improved during the review period. Net interest income increased from Rs. 5.7567 billion in the previous fiscal year to Rs. 6.0749 billion in the last fiscal year.

Similarly, net fee and commission income rose from Rs. 1.2852 billion to Rs. 1.5857 billion. Net trading income also increased from Rs. 332.2 million to Rs. 481.1 million.

With growth across its major income sources, the bank’s total operating income increased from Rs. 7.4407 billion to Rs. 8.3144 billion.

The increase in profit has also strengthened the bank’s earnings per share. Earnings per share (EPS) rose from Rs. 15.89 to Rs. 17.89, while the bank’s net worth per share stood at Rs. 169.90.

The financial results indicate an improvement in Machhapuchchhre Bank’s overall profitability and core banking income during the fiscal year, although its final dividend will depend on applicable regulatory provisions and approval.