Janata Bank’s profit plummets by whopping 63.2% in third quarter

ShareSansar, May 8:

Janata Bank Nepal Limited has registered a heft net profit drop of 63.27 percent by the end of the third quarter of the current fiscal year 2070/71.

According to the unaudited financial report published by the young commercial bank today, its net profit has plummeted to Rs 4.62 crore, down from Rs 12.58 crore in the corresponding quarter of the last fiscal year 2069/70.

A massive sum of Rs 10.38 crore it had to provision for possible losses in the third quarter dragged the net profit down, notwithstanding the fact that the commercial bank’s net interest income has increased.

Janata Bank’s net interest income has risen to Rs 38.56 crore by the end of the third quarter as compared to Rs 33.66 crore in the corresponding quarter.

Another worrisome factor of Janata’s third quarter report is that its non-performing loan has also risen to 1.39 percent up from 0.97 percent at the end of the previous third quarter.

Its EPS (annualized) is priced at just 2.99, net worth per share at 105.27, and the P/E ratio at 94.