Kathmandu: There has been a modest improvement in the profits of the Agriculture Development Bank during the first quarter of the current Fiscal Year 2078/79. In the first quarter of the current FY, it has increased by 5.18 percent compared to the same period of the last fiscal year. The bank has earned a profit of Rs. 485.3 million as of mid-October.
The bank’s net interest income has increased significantly. Such earnings have increased by 27.30 percent. The bank has earned Rs. 1.53 billion during the period. The bank had earned only Rs. 1.36 billion in the same period last year. Such earnings of the bank have increased along with reduced size of bad loans. The bank has reduced its non-performing loans (NPLs) from 2.27 percent to 2.08 percent in the first quarter.
Kumari Bank Limited’s profit has declined by 10.19 percent. The company has earned interest income of Rs. 541.1 million in the first quarter of the current FY 2078/79. The bank had earned a profit of Rs. 602.5 million in the corresponding period of the last fiscal year 2077/78.
Net interest income fell 2.19 percent as interest rates on bank deposits rose along with rising interest rates on deposits. The bank has earned Rs. 1.28 billion during the period. The bank had earned Rs. 1.31 billion in the same period last FY.