Stemmed by provisioning of Rs 95 crore, ADBL’s profit dips by 18 % in Q3
Thu, May 15, 2014 12:00 AM on Others,
ShareSansar, May 15:
Owing to a huge sum provisioned for possible losses, Agricultural Development Bank Limited has reported 18 percent drop in the net profit by the end of the third quarter of the current fiscal year 2070/71.
Publishing the unaudited quarterly report for the second quarter, the state-run ADBL has stated that its net profit dipped to Rs 80.05 crore, down from Rs 94.53 crore in the corresponding quarter last fiscal year.
The profit was mainly stemmed by more than Rs 95.07 crore provisioned for the possible losses by the end of the second quarter.
Its net interest income has, however, risen to Rs 3.24 arba, up from Rs 3.08 arba in the third quarter of the last fiscal year.
The bank with one of the largest infrastructure and network mobilized Rs 66.33 arba in deposit and Rs 54.50 arba in loan as compared to Rs 47.23 arba in deposit and Rs 46.84 arba in loan in the corresponding quarter last year.
The bank’s non-performing loan has, however, marginally increased from 6.27 percent in the third quarter of the last fiscal year to 6.43 percent.
Its EPS (annualized—only for the ordinary shares) stands at just Rs 21.29, its net worth per share stands at Rs 259.28, and the P/E ratio stands at 22.79 times.
