ADBL’s profit dips by 15.7 % in Q2; Kumari Bank, too, reports profit drop of 36.45%
Wed, Feb 12, 2014 12:00 AM on Others,
ShareSansar, February 12:
Thanking to huge sums provisioned for possible losses Agricultural Development Bank Limited and Kumari Bank Limited, two of the old commercial banks of the country, have reported a drop in net profit by the end of the second quarter of the current fiscal year 2070/71.
Publishing the unaudited quarterly report for the second quarter today, the state-run ADBL has stated that its net profit dipped to Rs 46 crore, down from Rs 54.63 crore in the corresponding quarter last fiscal year.
The profit was mainly stemmed by more than Rs 79.52 crore provisioned for the possible losses by the end of the second quarter.
Its net interest income has, however, risen to Rs 2.21 arba, up from Rs 1.96 arba in the second quarter of the last fiscal year.
The bank with one of the largest infrastructure and network mobilized Rs 64.96 arba in deposit and Rs 52.69 arba in loan as compared to Rs 44.97 arba in deposit and Rs 43.17 arba in loan in the corresponding quarter last year.
The bank’s non-performing loan has, however, marginally decreased from 6.64 percent in the second quarter of the last fiscal year to 6.05 percent.
Its EPS (annualized—only for the ordinary shares) stands at just Rs 16.69 and its net worth per share stands at 289.96.
Meanwhile, Kumari Bank Limited has also reported a drop in net profit by the end of the second quarter of the current fiscal year.
Its net profit has dropped to Rs 6.17 crore, down from Rs 9.71 crore in the corresponding quarter last fiscal year.
One of the old commercial banks of the country reported the dip in its net profit for the quarter owing to drop in the core business well as huge provisioning of Rs 21.02 crore provisioned for the possible losses by the end of the second quarter.
Its net interest income has decreased to Rs 35.17 crore, down from Rs 43.14 crore in the second quarter of the last fiscal year.
The bank mobilized Rs 27.40 arba in deposit and Rs 21.51 arba in loan as compared to Rs 23.42 arba in deposit and Rs 27.40 arba in loan in the corresponding quarter last year.
The bank’s non-performing loan has, however, marginally decreased from 4.38 percent in the second quarter of the last fiscal year to 4.26 percent.
Its EPS (rolling average) stands at Rs 16.05 and its net worth per share stands at 170.32.
