Fuelled by core business, Bhargav posts 132% net profit growth by Q4

ShareSansar, July 22:

Bhargav Bikas Bank Limited has posted an impressive net profit growth by the end of the last fiscal year 2070/71.

Publishing the unaudited report for the fourth quarter today, the class ‘B’ development bank has stated that its net profit has risen to Rs 99.76 lakh, up from net loss of Rs 31.45 lakh at the end of the previous fiscal year 2068/70.

Fuelled by core business, Bhargav’s net interest income surged to Rs 2.95 crore, up from 1.55 crore in the corresponding quarter.

It mobilized Rs 62.14 crore in deposit and Rs 52.30 crore in loan as compared to Rs 36.88 crore in deposit and Rs 30.66 crore in loan at the end of the previous fiscal year.

Its growth was, however, stemmed by staff and other operating expenses besides Rs 26.24 lakh it provisioned for possible losses by the end of the fourth quarter.

On the other hand, it could write back only Rs 2.25 lakh from the amount it had provisioned for losses.

It may also be noted that its non-performing loan has slightly increased to 0.20 percent from 0.12 percent.

Bhargav’s EPS now stands at 9.98, and net worth per share at 111.80