Kumari Bank Limited (KBL) has released its unaudited financial statements for the second quarter of the current fiscal year. As per the details, the bank has earned more than Rs 1 Arab net profit during the period.
As of second quarter of the current fiscal year, the bank has earned a net profit of Rs 1.21 Arab. This is an increase of Rs. 41.35 Crore or 51.49 percent over the corresponding period of the previous fiscal year.
The increase in operating profit along with net interest income has led to an increase in the bank’s profit.
The bank’s net interest income increased by 37.01 percent to Rs. 2.49 Arab during the review period. Similarly, the operating profit of the bank increased by 53.47 percent to Rs. 1.74 Arab during the review period. The other operating thincome of the bank has increased significantly as compared to the net interest income due to reverse impairment charge.
During the review period, the bank’s net business income increased from Rs. 13.73 Crore to Rs. 18.85 Crore while other operating income increased from Rs. 4.06 crore to Rs. 18.94 crore. Similarly, the impairment charge of Rs. 4.16 Crore has been reversed during the same period. Due to which the operating profit has increased.
Along with net profit, the bank’s earnings per share (EPS) has also improved. The bank’s EPS has increased to Rs 17.53 from Rs 16.83 in the same period of the current fiscal year. Despite the increase in the bank’s paid-up capital during the review period, earnings per share improved as net profit increased significantly.
The bank, which has a paid-up capital of Rs 13.87 Arab as of second quarter, has accumulated Rs 3.5 Arab in the reserve fund, Rs 68.51 Crore in retained earnings and Rs 8.88 Crore in share premium. At the end of the last fiscal year, the bank’s paid-up capital was Rs 12.52 Arab, while it had accumulated Rs 2.85 Arab in the reserve fund, Rs 1.31 Arab in retained earnings and Rs 57.16 Crore in share premium.
The bank has collected Rs 1 Kharab 22 Arab 72 Crore in deposits and disbursed Rs 1 Kharab 14 Arab 73 Crore in loans during the period. By the end of the last fiscal year, the bank had disbursed Rs 1 Kharab 10 Arab from deposits of Rs 1 Kharab 16 Arab 54 Crore.
As of second quarter, the bank had a distributable profit of Rs 63 Crore 75 Lakh, a net worth of Rs 130.82 per share and a price-to-earnings ratio of 16.19 times.
The bank’s non-performing loans stood at 1.06 percent, base rate at 7.92 percent and spread rate at 3.58 percent.