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Everest Bank Reports Rs. 5.07 Billion Profit in FY 2082/83

Everest Bank Limited reported a 4.75% year-on-year increase in net profit to NPR 5.07 billion for FY 2082/83, supported by growth in deposits and lending despite higher impairment charges.

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Everest Bank Reports Rs. 5.07 Billion Profit in FY 2082/83

Everest Bank Limited (EBL) has reported a net profit of NPR 5.07 billion for the fourth quarter of FY 2082/83, marking a 4.75% increase from the previous fiscal year. The bank's financial performance was supported by steady growth in customer deposits and lending, with deposits rising 5.76% to NPR 316 billion and loans and advances increasing 10.37% to NPR 235 billion. Net interest income edged up 0.97% to NPR 9.19 billion, while operating profit increased slightly to NPR 7.38 billion. However, higher impairment charges placed some pressure on earnings despite a reduction in the bank's cost of funds from 3.87% to 3.15%. The bank reported an earnings per share (EPS) of NPR 36.95, while book value per share improved to NPR 256.47. During the review period, the non-performing loan (NPL) ratio increased to 0.49% from 0.38%, and the capital adequacy ratio declined to 12.23%. Everest Bank's shares last traded at NPR 695, giving the stock a price-to-earnings (P/E) ratio of 18.81 times.

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