Agricultural Dev. profit remains stagnant, able to earn Rs 21.50 crore in Q1

ShareSansar, November 16:

Agricultural Development Bank Limited (ADBL) reported 9.28 percent decline in its net profit for the first quarter of the current fiscal year 2071/72.

Publishing the unaudited financial report for the first quarter, the bank has stated that its net profit has decline to Rs 21.50 crore down from Rs 23.70 crore as compared to the corresponding quarter of the last fiscal year 2070/71.

The net profit was mainly accompanied by the core business of the bank as the net interest income rose to Rs 1.08 arba up from Rs 1.05 arba as compared to the corresponding quarter.

Moreover, the provision for possible losses has declined to Rs 31.64 crore from Rs 48.04 crore, where as the banks able to write back Rs 15.41 crore during the given period.

The commercial bank has rise in deposits to Rs 65.47 arba as compared to the corresponding quarter which was Rs 60.68 arba; likewise, the loans and advances reached to Rs 58.12 arba in the first quarter compared to Rs 50.72 arba in the corresponding quarter.

Its non performing loan has reduced slightly to 5.62 percent as compared to 5.57 percent in the corresponding quarter of last fiscal year.

It’s annualized EPS stands at Rs 14.81, per share net worth at Rs 294.19 and the P/E ratio is 34.56 times.

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