Gandaki Bikas posts 97% profit growth in 1st quarter; healthy business growth propels profit

ShareSansar, November 5:

Gandaki Bikas Bank Ltd. has posted a profit growth of 97 percent in the first quarter of the current fiscal year 2071/72.

According to the first quarterly unaudited financial statement, the net profit of the Pokhara-based development bank reached Rs 1.35 crore in the first quarter of the current year, up from Rs 68.37 lakh in the corresponding period of the last fiscal year 2070/71.

The surge in the net profit was attributed by the growth in the business volume of the bank.

The net interest income of the bank surged to Rs 4.27 crore in the first quarter of the current fiscal year 2070/71, a jump from Rs 2.68 crore in the corresponding period of the last year.

The non-performing loan of the bank also decline at 0.81 percent in the review period from 1.39 percent.

The bank mobilized a deposit of Rs 3.28 arba and loan of Rs 2.85 arba in the first quarter of the current fiscal year compared to the deposit mobilization of Rs 2.66 arba and loan supply of Rs 2.20 arba in the same period of the last fiscal year.