Foreign exchange loss takes Janata Bank to red terrain in first quarter

ShareSansar, November 17:

Janata Bank Limited has reported a whopping 320 percent loss in its unaudited first quarter report made public today.

The young commercial bank suffered a loss of Rs 5.98 crore in the first quarter of the current fiscal year 2070/71 compared to Rs 2.71 crore net profit in earned in the corresponding quarter last year.

Despite earning a net interest income of Rs 11.9 crore in the first quarter as against just 9.39 crore in the corresponding quarter, the profit was negated by a staggering foreign exchange loss of 8.82 crore.

The bank’s operational loss eventually mounted to Rs 6.03 crore , compared to Rs 4.26 crore profit in the corresponding quarter.

Its non performing loan has also increased by more than a percentage point -- from 0.4 percent to 1.5 percent.

Janata Bank Limited had mobilized Rs 13.59 arba in deposit and Rs 11.98 arba in loan in the first quarter compared to Rs 9.20 arba in deposit and Rs 9 arba in loan in the corresponding quarter.

Its EPS (annualized) stands at Rs 11.97 and net worth per share at Rs 27.14.