Kumari Bank earns 14% net profit in Q3; NPL, too, drops significantly

ShareSansar, April 27:

Kumari Bank Limited has posted 14 percent net profit in the third quarter of the current fiscal year 2070/71.

According to the unaudited third quarter report of the commercial bank, Kumari’s net profit has risen to Rs 19.23 crore, up from Rs 16.82 crore in the corresponding quarter of the last fiscal year 2069/70.

The gain was largely fuelled by profit from regular activities, especially from the write back of Rs 3.45 crore and non operating income of Rs 34.58 lakh though the bank’s net interest income has decreased from Rs69.36 crore to Rs 58.71 crore by the end of the third quarter.

Kumari mobilized Rs 27.24 arba in deposit and Rs 22.33 arba in loan as compared to Rs 23.92 arba in deposit and Rs 19.76 arba in loan in the third quarter of the last fiscal year.

The bank has stated that it worked on increasing its deposit size and quality lending in this quarter.

An encouraging aspect of Kumari’s third quarter report is that its non performing loan has decreased from 4.83 to 3.69.

Kumari Bank has further stated that they will make extra effort on risk management and sustainable growth of profitability.

Kumari’s EPS (rolling average) now stands at Rs 19.81 and its net worth per share at Rs 178.46.