Janata Bank profit rises by 763.10% in Q2 despite provisioning Rs 13.41 crore

ShareSansar, February 4:

Janata Bank Bank Limited (JNBL) has posted a massive profit growth of 763.10 percent in the second quarter of the current fiscal year 2071/72.

According to an unaudited financial statement published today, the bank disclosed that it achieved a net profit of Rs 10.92 crore in the second quarter of the current fiscal year compared to the net profit of Rs 1.26 crore in the corresponding period of last fiscal year 2070/71.

The bank’s net interest income reached Rs 31.37 crore in the second quarter this year, which is a growth of 23.58 percent compared to the income of the same period last year.

Despite provisioning Rs 13.41 crore, the banks able to achieve satisfactory net profit growth  whereas the banks write bank Rs 11.58 crore that it had provisioned in the previous years for possible losses.

Janata observed a satisfactory growth in terms of deposit collection and loan supply during the review period. While the bank mobilized Rs 20.73 arba on deposit in the second quarter this year, it extended a total of Rs 18.41 arba on loans.

It had mobilized a total of Rs 14.90 arba on deposit and Rs 12.94 arba on loans in the corresponding period of the last fiscal year 2070/71.

The annualized earning per share (EPS) and the net worth per share of the bank stand at Rs 10.60 and Rs 112.45 respectively. Its NPA stands at 0.86 percent.