Pokhara based--Muktinath Bikas Bank reports astounding profit rise of 76 pc in Q1

ShareSansar, November 9:

Muktinath Bikas Bank Limited has reported 76 percent rise in net profit in the first quarter of the fiscal year 2071/72.

Publishing the unaudited quarterly report for the first quarter today, one of the most-sought-after development banks has stated that its net profit rose to Rs 4.34 crore by the quarter end, up from Rs 2.47 crore in the corresponding quarter of the previous fiscal year 2070/71.

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

Its net interest income has surged to Rs 10.24 crore up from Rs 6.27 crore in the first quarter of the previous fiscal year.

Similarly, the bank has also succeeded in collecting Rs 5.58 arba in deposits and mobilized Rs 4.87 arba in loans and advances as compared to Rs 3.96 arba deposits and Rs 3.33 arba loans in the corresponding last quarter fiscal quarter.

The bank has provisioned Rs 63.35 lakh for possible loss by the end of the first quarter.

The bank’s non-performing loan has also marginally gone down to 0.52 in the given period.

It’s EPS (annualized) has risen to Rs 47.31 and the P/E ratio (annualized) has risen to 16.55 times while its net worth per share stands at an impressive Rs 187.73.