Kumari Bank posts outstanding profit growth; earns Rs 18.16 crore in Q2

Kumari Bank Ltd. (KBL) has posted an outstanding profit growth of 194.08 percent in the second quarter of last fiscal year 2071/72. 

According to the second quarterly report of the bank published, the net profit increased to Rs 18.16 crore, up from Rs 6.17 crore in the corresponding previous year quarter ending. 

The profit was largely propelled by its net interest income of Rs 43.41 crore compared to Rs 35.17 crore of last fiscal year which is almost 23.39 percent growth. The increase in net interest income clearly signals that the banks was able to increase its core business activities.

Kumari Bank able to collect Rs 34.37 arba in deposit and mobilized Rs 25.28 arba in loan and advances in the last fiscal year as compared to Rs 27.40 arba in deposit and Rs 21.51 arba in loan by the end of the second quarter of the fiscal year 2071/72.

The bank is able write back Rs 5.65 crore whereas it’s provisioned Rs 9.63 crore for possible losses.

Kumari Bank annualized EPS now stands at Rs 20.75, per share net worth at Rs 134.58 and P/E ratio at 18.08 times.

Its NPA stood at 3.84 percent.

ShareSansar, January 26:

BOD meeting of Siddhartha Insurance proposes 26.315% dividend

The BOD meeting of Siddhartha Insurance Limited (SIL) has proposed 10 percent stock dividend and 16.315 percent cash dividend to its shareholder from its net profit earned last year.

However the decision is yet to get approval from the Insurance Board and its upcoming 13th Annual General Meeting.

ShareSansar, Jan 25:

Global IME Q2 result: Profit Growth limit to 1.8%, earns Rs 54.18 crore

Global IME Bank Limited has posted a profit growth of meager 1.8 percent in the second quarter of the current fiscal year 2071/72.

According to an unaudited financial statement published today, the bank disclosed that it achieved a net profit of Rs 54.28 crore in the second quarter of the current fiscal year compared to the net profit of Rs 53.28 crore in the corresponding period of last fiscal year 2071/72.

The bank’s net interest income reached Rs 1.15 arba in the second quarter this year, which is a growth of 46.11 percent compared to the income of the same period last year.

While the bank was required to provision Rs 28.91 crore in the second quarter this year for the possible losses, it could manage to write back only Rs 17.84 crore that it had provisioned in the previous years for possible losses.

Global IME Bank observed a satisfactory growth in terms of deposit collection and loan supply during the review period. While the bank mobilized Rs 55.20 arba on deposit in the second quarter this year, it extended a total of Rs 47.56 arba on loans.

It had mobilized a total of Rs 36.97 arba on deposit and Rs 30.11 arba on loans in the corresponding period of the last fiscal year 2071/72.

The bank also managed to slash its non performing loan (NPL) to 2.57 percent in the second quarter from 3.22 percent in the corresponding period of last year.

The annualized earning per share (EPS) and the net worth per share of the bank stand at Rs 21.57 and Rs 137.75 respectively. The P/E ratio remained 24.48 times. 

ShareSansar, January 26: