Neco Insurance Reports 29.48% Decline in Profit Despite Growth in Income

Kathmandu – Neco Insurance has published its financial statements for the second quarter of the current financial year, revealing a notable decline in profit despite an increase in income and insurance fee earnings.

According to the report, the company earned a profit of Rs 156.03 million during this period, marking a 29.48% decrease compared to the same period last year. In the second quarter of the previous financial year, the company had recorded a profit of Rs 221.267 million.

Despite the decline in profit, Neco Insurance witnessed growth in other key financial indicators. The company’s net premium earnings rose from Rs 616.05 million to Rs 686.6 million. Similarly, in the first six months of the current financial year, the company’s total income increased from Rs 995.9 million to Rs 1.04 billion.

The company also reported that its share capital stand at Rs 2.01 billion. Meanwhile, the retained earnings have reached Rs 636.5 million.

Additionally, Neco Insurance recorded earnings per share (EPS) of Rs 15.51, while its net worth per share reached Rs 281.95 by the end of the second quarter.