Muktinath profit rises by 55% profit in Q4 despite Rs 1.7 crore provisioned for loss

ShareSansar, July 28:

Muktinath Bikas Bank Limited has reported 55 percent rise in net profit in the last fiscal year 2070/71.

Publishing the unaudited quarterly report for the fourth quarter today, one of the most-sought-after development banks has stated that its net profit rose to Rs 15.19 crore by the quarter end, up from Rs 9.80 crore in the corresponding quarter of the previous fiscal year 2069/70.

Muktinath’s profit was by and large fuelled by its core business.

Its net interest income has surged to Rs 32.68 crore up from just Rs 22.90 crore in the fourth quarter of the previous fiscal year.

Similarly, the bank has also succeeded in mobilizing Rs 5.19 arba in deposit and Rs 4.44 arba in loan as compared to Rs 3.62 arba in deposit and Rs 3.04 arba in the corresponding quarter.

It has provisioned Rs 1.71 crore for possible loss by the end of the fourth quarter.

The bank’s non-performing loan has also marginally gone down from 0.59 percent in the fourth quarter of the previous fiscal year to 0.44 percent by the end of the last fiscal year.

It’s EPS (annualized) has risen to Rs 41.36 and the P/E ratio (annualized) has risen to 15.23 while its net worth per share stands at an impressive Rs 163.91.