Nepal Insurance Company Reports Decrease in Profit for First Quarter of Current Financial Year

Kathmandu: Nepal Insurance Company Limited has released its financial statement for the first quarter of the current financial year, revealing a decline in both profit and earnings per share compared to the same period last year.

The company posted a profit of Rs. 10.4 million for the first quarter of the current financial year, a significant drop from Rs. 146.1 million earned during the same period last year. Along with the decline in profit, the company’s total income for the quarter also decreased, falling from Rs. 369.3 million in the first quarter of last year to Rs. 293.7 million this year.

The company’s net interest income saw a decrease, dropping from Rs. 136.7 million last year to Rs. 13.66 crore this year. Additionally, the total expenditure of the company increased from Rs. 161.2 millioh in the previous year to Rs. 275.2 million in the current year, further straining its financial performance.

Despite the decline in profit, the company maintains a paid-up capital of Rs. 1.64 billion and has accumulated significant reserves, including Rs. 295.8 million in its reserve fund, Rs. 97 million in its disaster fund, and Rs. 2.53 billion in its special reserve. The insurance fund of the company stands at Rs. 2.53 billion, with Rs. 1.40 billion in claims still pending payment.

The company’s earnings per share also fell sharply, dropping from Rs. 39.12 per share in the first quarter of last year to Rs. 2.53 per share in the current year. However, the company’s net worth per share stands at Rs. 214.98.