Nepal Investment Mega Bank Limited (NIMB) has reported a significant increase in net profit during the first quarter of the current fiscal year 2083/84, with earnings rising by 2,522% to Rs 1.18 billion.

According to the bank's financial statement, NIMB earned a net profit of Rs 1.18 billion (Rs 1 arba 18 crore 14 lakh 21 thousand) in the first quarter. During the corresponding period of the previous fiscal year 2082/83, the bank had reported a net profit of only Rs 45.05 million.

The bank's net interest income reached Rs 3.27 billion, compared to Rs 3.24 billion in the same period last year. During the review period, net fee and commission income stood at Rs 592.11 million, total operating income reached Rs 4.34 billion, and operating profit amounted to Rs 1.69 billion.

Despite the increase in net profit, the bank's distributable profit remained negative at Rs 5.16 billion. By the end of Ashoj, deposits had increased to Rs 540.79 billion, while loans and advances reached Rs 322.41 billion.

The bank's credit-to-deposit (CD) ratio stood at 66.73%. Earnings per share (EPS) increased from Rs 0.53 to Rs 13.85, while net worth per share stood at Rs 200.88. The price-to-earnings ratio was reported at 14.89 times.

Meanwhile, the bank's non-performing loan (NPL) ratio increased to 8.87% from 6.63% in the corresponding period last year.