Business Universal Development Bank reports massive increase in profits by 767.53% in Q4

ShareSansar, August 5:

Business Universal Development Bank Limited has reported impressive profit at the end of the fourth quarter.

The development bank has reported a massive rise in net profit of 767.53 percent in the last fiscal year 2070/71.

Publishing an unaudited financial report for the fourth quarter today, the development bank has stated that its net profit rose to Rs 5 crore from Rs 57.69 lakh at the end of the previous fiscal year 2069/70.

Its core business is responsible for the profit. The net interest income surged to Rs 24.38 crore up from Rs 21.80 crore.

The development bank mobilized Rs 4.89 arba in deposit and Rs 4.27 arba in loan by the fourth quarter as compared to Rs 4.05 arba in deposit and Rs 3.67 arba in loan at the end of the corresponding quarter.

Business Universal has also provisioned Rs 7.45 crore for possible loss.

Its non-performing loan has marginally dipped to 2.82 percent, up from 4.97 percent at the end of the previous fiscal year.