Prabhu Bikas Bank posts robust growth in Q3, too; net profit more than double

ShareSansar, May 1:

Prabhu Bikas Bank Limited, which has entered into the merger with Kist Bank Limited, has reported a massive profit growth of 213 percent in the third quarter of the current fiscal year 2070/71.

Publishing its unaudited report for the third quarter today, the development bank has stated that it earned a net profit of Rs 7.92 crore in the third quarter, up from Rs 2.53 crore in the corresponding quarter of the last fiscal year 2069/70.

Prabhu had registered an astounding 891 percent net profit growth in the second quarter.

The third quarter profit was fuelled purely by the core business as the development bank did not write back a penny from the sum it had provisioned for possible losses and that it has even provisioned Rs 1.23 crore for the possible losses in the quarter.

Prabhu registered a net interest income of Rs 26.68 crore in the third quarter, up from just Rs 16.05 crore in the corresponding quarter.

It mobilized Rs 10.48 arba in deposit and Rs 7.27 arba in loan in the third quarter, up from Rs 7.55 arba in deposit and Rs 4.94 arba in loan in the third quarter of the last fiscal year.

Its non-performing loan, however, remains constant at 0.38 percent in the third quarter as compared to the same period of the last fiscal year.