Garima posts 61.63% profit rise in Q2; Core business activities moves up

ShareSansar, February 2:

Garima Bikas Bank Limited (GBBL), which is one of the most sought after development banks, has come up with an impressive 61.63 percent net profit rise in the second quarter of the current fiscal year 2071/72.

Publishing the unaudited financial report for the second quarter today, the development bank based in Pokhara has reported that its net profit has surged to Rs 6.52 crore, up from Rs 4.03 crore at the end of the second quarter.

It made an impressive net interest income of Rs 13.73 crore, up from Rs 9.20 crore in the second quarter of the current fiscal year 2071/72 which signals a positive growth in core business activities.

Garima mobilized Rs 4.71 arba in deposit at the end of the second quarter as compared to Rs 3.48 arba in the corresponding quarter of the previous fiscal year.

It also mobilized Rs 4.05 arba in loan, up from Rs 2.90 arba in the corresponding quarter of the previous fiscal year.

It has posted such an impressive profit even as it has also provisioned Rs 1.01 crore for possible loss.

Its non-performing loan has increased to 0.47 percent from 0.32 percent.

Garima’s per share net worth stands at Rs 134.78, EPS (annualized) at Rs 29.09 and P/E ratio at 11.41 times.