Kathmandu. Citizens Bank has announced its unaudited financial position for the fourth quarter of the last fiscal year.

Compared to the previous year, the profit of the bank increased by 60.68 percent.

The bank has made significant improvement in its financial position in the fiscal year 2082/83. The bank’s net profit increased by 63.05 percent to Rs 2.09 billion. The company had posted a net profit of Rs 1.28 billion in the previous fiscal year. With this, the bank’s net profit increased by Rs 81.15 crore in a year.

The bank’s core capital tier education ratio has increased from 8.95 percent to 9.23 percent. The overall ratio stood at 12.47 percent. This shows that the bank’s primary capital base is getting stronger.

The 69.05 per cent decline in impairment expenses was also instrumental in the bank’s profit growth. Compared to Rs 2.68 billion in the previous year, the expenditure decreased to Rs 829.4 million in the last fiscal year. The decrease in impairment expenses of Rs 1.85 billion has had a direct impact on the net profit of the bank.

The bank’s cost of deposit has come down from 4.49 percent to 3.36 percent, while the base rate has come down from 6.25 percent to 5.04 percent.

The bank’s net fee and commission increased by 6.33 percent to Rs 1.43 billion and net trading and other operating income by 51.12 percent to Rs 623.19 million.

The total distributable profit of the bank has reached Rs 52.31 crore after the regulatory arrangement of Nepal Rastra Bank and necessary adjustment. This is equivalent to 3.37 percent.

According to the bank, the comparatively low distributable profit is not due to the decrease in the bank’s operating and profitability but due to the adjustment made in accordance with the regulatory provisions.

The bank’s earnings per share increased to Rs 13.53 from Rs 8.71. This shows that the income capacity of the bank has improved.

The non-performing loan of the bank has increased from 4.89 percent to 5.88 percent.

The bank collected deposit of Rs 233.81 billion and extended loan of Rs 177.33 billion.