Garima posts 68% profit rise in Q4 despite provisioning Rs 2.41 crore for possible loss

ShareSansar, July 30:

Garima Bikas Bank Limited, which is one of the most sought after development banks, has come up with an impressive 68 percent net profit rise in the last fiscal year 2070/71.

Publishing the unaudited financial report for the fourth quarter today, the development bank based in Pokhara has reported that its net profit has surged to Rs 10.27 crore, up from Rs 6.11 crore at the end of the previous fiscal year 2069/70.

It made an impressive net interest income of Rs 22.03 crore, up from Rs 14.27 crore in the fourth quarter of the previous fiscal year.

Garima mobilized Rs 4.01 arba in deposit at the end of the fourth quarter as compared to Rs 2.99 arba in the corresponding quarter of the previous fiscal year.

It also mobilized Rs 3.49 arba in loan, up from Rs 2.42 arba in the corresponding quarter of the previous fiscal year.

It has posted such an impressive profit even as it has also provisioned Rs 2.41 crore for possible loss.

Its non-performing loan has increased to 0.10 percent from 0.01 percent.

Garima’s per share net worth stands at Rs 140.68, EPS (annualized) at Rs 27.47 and P/E ratio at 12.96.