Bright’s profit doubles in Q4 due to non operating income; NPL rises by nearly 1%

ShareSansar, August 1:

Bright Development Bank Limited has posted 98 percent profit growth in the last fiscal year 2070/71. But the profit is largely attributable to non operating income.

Publishing an unaudited financial report for the fourth quarter today, the development bank based in Kavre has stated that it posted a net profit of Rs 1.91 crore, up from Rs 70.44 lakh it posted in the previous fiscal year 2069/70.

Its net interest income surged to Rs 30.96 crore up from Rs 24.85 crore at the end of the corresponding quarter.

It mobilized Rs 60.83 crore in deposit and Rs 44.88 crore in loan as compared to Rs 46.44 crore in deposit and Rs 39.39 crore in loan in the corresponding quarter.

In the fourth quarter, it was also able to write back Rs 4.19 crore it had provisioned for loss, though it has also provisioned Rs 5.35 lakh for possible loss by the end of the fourth quarter.

This provisioning has not only stemmed its operating profit, but has also led to Rs 3.35 crore net operating loss.

Its non-performing loan has also risen by almost a percent to 1.32 percent.

Bright’s EPS now stands at 13.66, net worth per share 133.94 and P/R ratio stands at 10.10.