Kathmandu: Kamana Sewa Bikas Bank Limited posted a 16.99 percent year-on-year increase in net profit to Rs 231.15 million in the first quarter of fiscal year 2083/84, up from Rs 197.58 million in the same period last year.
The profit growth was mainly driven by a sharp decline in impairment expenses for potential loan losses, which fell to Rs 49.4 million from Rs 110.6 million. Meanwhile, net interest income increased 1.43 percent to Rs 626.49 million.
The bank’s total operating income stood at Rs 745.88 million, while operating profit reached Rs 338.77 million. Distributable profit was reported at Rs 152.17 million.
As of mid-October, deposits grew 2.61 percent year-on-year to Rs 67.90 billion, while loans and advances increased 3.95 percent to Rs 56.35 billion.
The bank’s non-performing loan (NPL) ratio also improved, declining to 3.93 percent from 4.41 percent a year earlier, indicating better asset quality.
Published by Kamana Sewa Bikas Bank on 2083-7-11
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