Q4 Update: Kumari Bank’s Profit Surges 306% to Rs. 7.39 Billion
Kumari Bank Limited has reported a sharp 305.96% year-on-year increase in net profit to Rs. 7.39 billion in Q4 of FY 2082/83, supported by higher net interest income and a reversal of impairment charges.
Kumari Bank Limited has published its unaudited financial results for the fourth quarter of FY 2082/83, reporting a substantial increase in profitability. The bank posted a net profit of Rs. 7.39 billion, up 305.96% from Rs. 1.82 billion recorded during the same period of the previous fiscal year. The significant growth in profit was primarily driven by an increase in net interest income and a reversal of impairment charges. During the review period, the bank’s net interest income increased by 3.37%, while net fee and commission income rose by 14.55%. Similarly, total operating income increased by 7.66%, while operating profit surged by 101.09%. The bank recorded an impairment charge reversal of Rs. 1.44 billion, which provided substantial support to its operating and net profit. The bank’s distributable profit stood at Rs. 791.6 million, with distributable earnings per share (EPS) of Rs. 3.02. Meanwhile, the bank’s EPS increased significantly by Rs. 21.23 year-on-year to reach Rs. 28.17. As of the end of Ashadh, the bank reported a net worth per share of Rs. 170.80 and a price-to-earnings (P/E) ratio of 7.45 times. Kumari Bank has a paid-up capital of Rs. 26.23 billion, while its reserve fund stood at Rs. 18.57 billion. By the end of the fiscal year, the bank had collected Rs. 402 billion in deposits and extended Rs. 270 billion in loans and advances.