Kanchan Dev. achieves 34.93% growth in Q2; expected to provide 20-25% bonus

ShareSansar, February 3:

Kanchan Development Bank Limited has posted a satisfactory profit growth of 16.06 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 1.79 crore in the second quarter of the current fiscal year compared to the net profit of Rs 1.16 crore in the corresponding period of last fiscal year 2070/71.

The bank’s net interest income reached Rs 3.23 crore in the second quarter this year, which is a growth of 67.90 percent compared to the income of the same period last year.

While the bank was required to provision Rs 26.61 in the second quarter this year for the possible losses, but it could manage to write back only Rs 2.31 lakh that it had provisioned in the previous years for possible losses.

Kanchan observed a satisfactory growth in terms of deposit collection and loan supply during the review period. While the bank mobilized Rs 1.19 arba on deposit in the second quarter this year, it extended a total of Rs 1.03 arba on loans.

It had mobilized a total of Rs 95.38 crore on deposit and Rs 79.49 crore 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 13.62 and Rs 124.46 respectively. Its NPA stands at 1.99%.

One of the officials of Kanchan Development Bank informs ShareSansar this morning that the bank is planning to provide bonus share around 20-25% this year too. Last year the company offered 20 percent bonus share to its shareholders.