Kailash Bank profit rises by 47.79%, earns Rs 11.12 crore in Q2

ShareSansar, January 28:

Kailash Bikas Bank Limited have posted a healthy profit growth of 47.79 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 11.12 crore in the second quarter of the current fiscal year compared to the net profit of Rs 7.52 crore in the corresponding period of last fiscal year 2071/72.

The bank’s net interest income reached Rs 20.64 crore in the second quarter this year, which is a growth of 30.60 percent compared to the income of the same period last year.

While the bank was required to provision Rs 3.97 crore in the second quarter this year for the possible losses, but it could manage to write back only Rs 1.92 crore that it had provisioned in the previous years for possible losses which is the main reason that banks able to increase profit by good margin this quarter.

Kailash Bikas Bank observed a satisfactory growth in terms of deposit collection and loan supply during the review period. While the bank mobilized Rs 8.27 arba on deposit in the second quarter this year, it extended a total of Rs 6.80 arba on loans.

It had mobilized a total of Rs 6.97 arba on deposit and Rs 5.84 arba on loans in the corresponding period of the last fiscal year 2071/72.

The annualized earning per share (EPS) and the net worth per share of the bank stand at Rs 24.85 and Rs 138.62 respectively. The P/E ratio remained 14.04 times. Its NPA stands at 2.80%.