Kist Bank reports net loss of Rs  19.88 crore in Q2; massive provisioning of Rs 56.69 crore

ShareSansar, January 30:

It seems woes are far from over the shareholders of Kist Bank Limited as the commercial bank has reported a massive loss in the second quarter of the current fiscal year 2070/71, too.

Kist Bank’s has reported 134.85 percent drop in its profit in the second quarter compared to the corresponding quarter of the last fiscal.

Publishing the unaudited quarterly report for the second quarter today, the bank suffered a net loss of Rs 19.88 crore in the second quarter, down from the net loss of Rs 6.93 crore in the corresponding quarter last fiscal year.

The loss is attributable to a huge provisioning for possible loss of Rs 56.69 crore, besides the problems related to its core business. The bank has invested hugely in the slugglish realty sector.

Kist’s net interest income plummeted from Rs 47.27 crore in the second quarter last fiscal year to Rs 35.54 crore in the second quarter of the current fiscal.

Kist also mobilized lesser deposit and loan in the second quarter compared to the corresponding quarter of the last fiscal.

It mobilized Rs 19.40 arba in deposit and Rs 15.87 arba in loan as compared to Rs 20.98 arba in deposit and Rs 17.58 arba in the corresponding quarter last year.

The bank’s non-performing loan has also surged to a whopping 17.54 percent, up from 7.15 percent in the same period of the previous fiscal year.

Its EPS stands at minus 9.94 and its net worth per share stands at 83.23.