Birat Laxmi posts modest profit rise of 4% by the fourth quarter end

ShareSansar, July 28:

Biratlaxmi Bikas Bank Limited has reported a modest 4 percent growth in net profit by the end of the last fiscal year 2070/71.

According to the unaudited financial report for the fourth quarter published today, the development bank based in Biratnagar has stated that it earned Rs 6.92 crore in net profit by the quarter end, a modest rise from Rs 6.69 crore posted at the end quarter of the previous fiscal year 2069/70.

This comes in stark contrast to 106.97 percent profit growth it has posted by the end of the previous fiscal year
 
Evidently the profit was somewhat stunted by core business.

The bank’s deposits grew to Rs 3.85 arba from Rs 3.25 arba while its loan mobilization has decreased from Rs 2.39 arba to Rs 2.36 arba by the end of the fourth quarter.

Though the net interest income rose to Rs 16.19 crore, up from Rs 13.26 crore over the year, it also had to provision Rs 14.83 lakh for possible loss.

Biratlaxmi’s non-performing loan has also slightly risen from 0.36 percent to 0.77 percent at the end of the fourth quarter.

The bank’s EPS now stands at Rs 30.14, while net worth per share has risen to Rs 180.06 and the P/E ratio 4.81 times.