Kamana Sewa & Alpine Development Bank earning plunges by 94.22% & 33.13% respectively in Q1

Kamana Sewa Bikas Bank Limited (KSBBL) and Alpine Development Bank Limited (ALDBL) have published their first quarter report for the ongoing fiscal year 2074/75. Kamana Sewa Bikas Bank has registered 94.22 percentdecline in net profit in the first quarter of the current fiscal year 2074/75.Its net profit has plunged to 20.67 lakhs in first quarter down from Rs 3.58 crore in the corresponding quarter of the fiscal year 2073/74. According to the unaudited financial report published by the development bank today, KamanaSewaBikas Bank’s net interest income has risen to Rs 9.64 crore in Q1 as compared to Rs 9.51 crore in the corresponding quarter. It’s paid up capital remains at Rs 2.05 arba. KSBBl has recently endorses10:1 (10%) right shares to its shareholders from its SGM held on Kartik 1, 2074.After issuance of 10% right shares, its paid up capital will reach to Rs 2.26 arba. As per NRB’s directive for all national level development banks to increase their paid up capital to a minimum of Rs 2.50 arba, the merged bank will need to issue a further capital hike of around Rs 24 crore (around 10.62%). The development bank also amassed huge amount of deposits in the Q1 of the ongoing fiscal year. Deposits collection reached Rs 13.19 arba in Q1 from Rs 6.90 arba in the corresponding period last year. Likewise, it has extended loans and advances of Rs 11.92 arba in Q1 of FY 2074/75 whereas in the same period last year the figure stood at Rs 6.14 arba. Its non-performing loan has risen to 2.11 percent in Q1 up from 1.92 percent in the previous year report. KSBBL’s earning per share (EPS) stand at Rs 0.10, net worth per share at 140.38, and the P/E ratio at 2120.23 times. Likewise, Alpine Development Bank has stated that its net profit fell down to Rs 36.48 lakhs  in the Q1 of fiscal year 2074/75 from Rs 54.56 lakhs in the corresponding quarter of the previous fiscal year 2073/74—dips by 33.13%. Its net interest income has also fallen from Rs 2.12 crore in corresponding quarter to Rs1.94 crore in the current quarter. The development bank has collected deposits of Rs 1.93 arba in the Q1 up from Rs 1.77 arba in the corresponding quarter. Likewise, it has extended loans and advances of Rs 1.48 arba in Q1 whereas in the same period last year the figure stood at Rs 1.57arba. Its non-performing loan (NPL) decreased to 2.94 percent in Q1 from 3.16 percent in the previous year report. Alpine Development Bank has paid up capital of Rs. 41.44 crore. Its reserve and surplus increased to Rs. 14.49 crore from Rs 10.20 crore in Q1 of previous year. ALDBL’s annualized earning per share (EPS) stand at Rs 3.52 and net worth per share at Rs. 134.97. The trading of Alpine Development Bank has been halted in Nepal Stock Exchange Limited (NEPSE) as it is under acquisition by Century Commercial Bank Limited (CCBL).