Century Commercial Bank Limited issuing 25% right shares (4:1)

ICRA Nepal has assigned an “[ICRANP] IPO Grade 4+”, indicating below-average fundamentals to the proposed rights issue amounting NPR 530 million of Century Commercial Bank Limited (CCBL).

The process to issue right share of CCBL is on review in SEBON.

CCBL will be issuing right shares in the ratio 4:1. The paid up capital of the bank stands at 2.12 arba. After the issuance of 25 percent, the paid up capital will stand at Rs 2.65 arba.

As per unaudited report, CCBL has posted an impressive profit rise of 196.69 percent in the  fourth quarter of the last fiscal year 2071/72. It earned Rs 25.79 crore of net profit in the last fiscal year, up from Rs 8.69 crore in the corresponding period of the previous fiscal year 2070/71.

ICRA Nepal assigns IPO grading on a scale of IPO Grade 1 through IPO Grade 5, with Grade 1 indicating strong fundamentals and Grade 5 indicating poor fundamentals. -SSN