Massive profit rise of Gurkha Dev. Bank by 218.77% in Q1; AGM to endorse merger with Kathmandu Finance
Mon, Nov 23, 2015 1:00 PM on Latest, Financial Analysis, Featured, AGM/Special AGM,
Gurkha Development Bank Limited (GDBNL) has reported massive profit rise of Rs. 218.77 percent in the first quarter of the fiscal year 2072/73.
Publishing the unaudited quarterly report for the first quarter today, the commercial bank has stated that it has a net profit of Rs. 13 crore in the first quarter of fiscal year 2072/73, up from Rs. 4.08 crore in the corresponding quarter of fiscal year 2071/72.
Its net interest income decline from Rs. 98.88 lakh in the previous year to loss of Rs. 90 thousand in the current quarter. Bank has a Paid up capital of Rs. 19.82 crore.
Gurkha Development Bank collect Rs. 1.07 arba in deposits and mobilized Rs. 95.73 crore in loans in the first quarter of 2072/73 as compared to Rs. 1.59 arba in deposit and Rs. 1.30 arba in loans in the corresponding quarter of fiscal year 2071/72.
The bank’s non-performing loan has drop to 81.21 percent in Q1 from 85.16 percent in the previous year report.
It’s earning per share (EPS) stand at Rs. 65.60 and net worth per share at 124.96
Meanwhile, Gurkha Development Bank will be convening its 11th Annual General Meeting (AGM) on Poush 01, 2072. The AGM will be held at Bank Head Office, Putalisadak, Kathmandu.
Main agendas of the AGM are:
- Authorize BOD to initiate merger process with Kathmandu Finance Limited.
- To appoint auditor for due diligence audit for merger and acquisition, and sign MoUs for the same.
- To endorse 1:1 share swap ratio.
- To amend the article of association accordingly.
