Kist Bank profit goes down 30%, other financial indicators also show dismal performance
Wed, Aug 13, 2014 12:00 AM on Others,
ShareSansar, August 13:
The fourth quarterly report of the Kist Bank Ltd shows its financial health is dismal: the net profit has gone down by 30 percent, reserve and surplus plunged by 45 percent and the non-performing loan (NPL) shot up by whopping 12 percent.
According to the unaudited financial result of the bank published today, its net profit dropped to Rs 24.06 crore in the last fiscal year 2070/71 from Rs 80.46 crore in the corresponding previous year quarter ending.
Similarly, the reserve and surplus of the bank has also tumbled to Rs 81.58 crore, a fall by Rs 25.48 crore from the previous year.
The crisis ridden bank’s NPL also jumped to 24.18 percent from 12.61 percent.
The bank, however, wrote back Rs 22.27 crore from the amount that it has earlier provisioned for the possible loss.
Against the backdrop of deteriorating financial health condition, it had started the merger process with three other bank and financial institutions Prabhu Development Bank, Gaurishankar Development Bank and Zenith Finance Ltd.
The integrated operation of the merged entity Prabhu Bank Ltd is starting from September 15 this year.
