Innovative’s profit surges by 78.8 % in fourth quarter-- thanks to core business
Sun, Aug 3, 2014 12:00 AM on Others,
ShareSansar, Aug 3:
Innovative Development Bank Limited has posted 78.8 percent rise in net profit in the last fiscal year 2070/71
According to the unaudited financial report for the fourth quarter published today, the development bank based in Bhairahawa has stated that its profit has surged from Rs 1.51 crore to Rs 2.70 crore as of the previous fiscal year 2069/70.
The profit was mainly fueled by the core business of the company as the net interest income has risen to Rs 6.39 crore up from Rs 4.29crore.
Innovative saw increase in the deposits as compared to corresponding quarter as it has accumulated Rs 1.46 arba from Rs 98.85 crore. Likewise the loan flow has also increased from Rs 77.41 crore to Rs 1.11 arba.
It has also provisioned Rs 33.95 lakh for possible losses by the end of the fourth quarter.
It also has reported no non-performing loan in the last fiscal year as in the previous one.
Innovative’s EPS now stands at 25.92, P/E ratio at 11.38 and net worth per share at Rs 150.20.
