Rising Dev Bank makes Rs 5.09 crore on profit, writes back Rs 1.59 crore

ShareSansar, August 22:

Rising Development Bank Ltd’s profit has grown by Rs 4.7 crore in the fourth quarter of the last fiscal year 2070/71.

According to the fourth quarterly report of the bank published today, the bank earned Rs 5.09 crore of net profit in the last fiscal year, up from Rs 39.72 lakh in the corresponding period of the previous fiscal year 2069/70.

The bank net interest income rose to Rs 9.73 crore from Rs 7.89 crore in the previous year.  

While the core banking business of the bank also rose last year, the bank was able to write back Rs 1.59 crore from the amount that it had earlier set aside for the provisioning for possible loss.

The bank mobilized Rs 1.44 arba in deposit and Rs 1.28 arba in loan last year, up from the deposit of Rs 1.16 arba and loan of Rs 1.07 arba in the previous year.
Non-performing loan (NPL) of the bank also declined to2.07 percent from 4.37 percent in the previous year.

Its EPS stands at Rs 21.49, P/E ratio 7.44 times and net worth per share is Rs 136.06.

Meanwhile, the financial report stated that its chairman Madan Bhakta Adhikari has filed a lawsuit against the former CEO Bhanu Kandel  at District Police Office Chitwan on banking offence charge. The case, the report said, is currently subjudice at Hetauda Appellate Court.

Kandel has been accused of parking Rs 3 crore at Himalayan Finance Ltd without the approval of the bank’s BoD approval.