Core business leads Western Development to 60% profit growth by Q4

ShareSansar, July 31:

Western Development Bank Limited has posted an impressive 60 percent net profit growth in the last fiscal year 2070/71.

Publishing the unaudited financial report for the fourth quarter today, the development bank based in Dang has stated that its net profit has surged to Rs 2.08 crore, up from Rs 1.30 crore at the end of the previous fiscal year 2069/70.

The growth is mainly attributed to its core business. Its net interest income rose to Rs 3.19 crore at the end of the fourth quarter from just Rs 2.61 crore at the end of the corresponding quarter.

Western Development Bank mobilized Rs 1.33 arba in deposit and Rs 86.16 crore in loan in the fourth quarter as compared to Rs 9.51 crore in deposit and Rs 64.28 crore in loan in the corresponding quarter.

The profit was further boosted by Rs 34.96 lakh it was able to write back from the amount it had provisioned for possible loss.

Another encouraging aspect of the financial report is that the non-performing loan of Western Development Bank has decreased from 1.57 percent to 0.95 percent at the end of the fourth quarter.

Its EPS now stands at 19.13, net worth per share at 13.44 and P/E ratio at 12.75.