ADBL posts marginal profit of 6.3% despite good interest income — due to massive provisioning of Rs 48 crore
Fri, Nov 15, 2013 12:00 AM on Others,
ShareSansar, November 15:
Agricultural Development Bank Limited has reported a marginal net profit rise of 6.37 percent in its unaudited first quarter report made public today.
According to the state-run bank, it has posted a net profit of Rs 23.70 crore in the first quarter compared to Rs 22.28 crore in the corresponding quarter last year.
Though the bank’s net interest income has increased from Rs 93.82 crore in the corresponding quarter to Rs 1.05 arba in the first quarter, its operational profit has dipped Rs 9.97 crore , down from Rs 11.39 crore.
The bank has set aside Rs 48.04 crore as a provision for possible losses.
However, its non performing loan has marginally decreased from 5.88 percent to 5.57 percent.
Agricultural Development Bank mobilized Rs 60.68 arba in deposit and Rs 11.57 arba in loan in the first quarter compared to Rs 45.58 arba in deposit and Rs 39.77 arba in loan in the corresponding quarter.
The EPS (annualized, ordinary shares only) of the state-run bank stands at Rs 17.56 and net worth per share at Rs 286.
