Crises-ridden Gurkha Dev. earns Rs 4.08 crore in Q1; Retain loss stands Rs 1.35 arba
Wed, Nov 12, 2014 12:00 AM on Financial Analysis,
ShareSansar, November 12:
Publishing the unaudited financial quarterly report today, crisis-ridden Gurkha Development Bank Limited stated that it’s earned Rs 4.08 crore in the first quarter of the fiscal year 2071/72. However, the retain loss of company still stands at Rs.1.35 arba as per the balance sheet during the same period.
Net interest income of the bank increased to Rs 98.88 lakh, up from loss of Rs 64.11 crore in the previous fiscal year.
The bank has been able to collect Rs 1.59 arba in deposits and extended total loans of Rs 1.30 arba in this fiscal year.
The bank managed to write back Rs 5.37 crore from the amount earlier provisioned for the possible losses. Also, the company has kept provision of Rs 25.83 lakh figures for the possible loss.
NPA of the bank stands at 85.16% and its net worth per share is negative 105.60.
The national level development bank ran into trouble after the misappropriation of funds by its directors and executives — an example of bad corporate governance.
Large scale insider lending coupled with dispute among the directors led the development bank to be declared crisis-ridden by the central bank in March, 2011.
