Prabhu Bank continues profit streak as Q3 profit rises to Rs 69.44 crore

ShareSansar, May 19:

Prabhu Bank (PRVU) has managed to continue its quarterly growth streak by posting modest rise in profit compared to the last quarter and a significant growth compared to the same period of the last fiscal year.

The bank’s net profit in Q3 of 2071/72 rose to Rs 69.44 crore which compares with Rs 54.02 crore profit reported in Q2 of the ongoing fiscal year and the loss of Rs 21.36 crore reported in the corresponding quarter of the fiscal year 2070/71.

The bank has mobilized deposits of Rs 36.57 arba in the 3rd quarter of the ongoing fiscal as against Rs 19.67 arba in the corresponding quarter last year. Likewise, it extended loans of Rs28.67 arba , up from Rs 14.51 arba.

Prabhu Bank’s net interest income has increased from Rs 54.79 crore in the corresponding quarter last year to Rs 1.06 arba in the third quarter of 2071/72.

It posted an operating loss of Rs 8.35 crore.

The bank’s non-performing loan (NPL) has gone down from 23.72% in the third quarter of the last fiscal to 10.78% this year.

Its CD ratio stands at Rs 73.95%.