Janata Bank’s profit again plummets by 461 % in second quarter – thanks to forex loss

ShareSansar, February 11:

Janata Bank Limited has again reported a staggering drop in net profit by the end of the second quarter of the current fiscal year 2070/71.

Publishing the unaudited quarterly report for the second quarter today, the young commercial bank has stated that its net profit dipped to Rs 1.26 crore, down from Rs 7.07 crore in the corresponding quarter last fiscal year.

The profit was largely stemmed by more than Rs 7 crore provisioned for the possible losses by the end of the second quarter, apart from foreign exchange loss of Rs 7.35 crore.

Its net interest income has, however, risen to Rs 25.38 crore up from Rs 20.47 crore in the second quarter of the last fiscal year.

The bank mobilized Rs 14.90 arba in deposit and Rs 12.94 arba in loan as compared to Rs 10.42 arba in deposit and Rs 10 arba in loan in the corresponding quarter last year.

The bank’s non-performing loan has, however, slightly decreased from 1.22 percent in the second quarter of the last fiscal year to 1.10 percent.

Its EPS (annualized) stands at just Rs 1.23 and its net worth per share stands at 103.63.