Excel Doubles its Reserve Fund

Nov 12, 2017 Merolagani

Excel Development Bank (EDBL) has reduced its bad debt to one percent in the first quarter of the current FY compared to 1.54 percent in the corresponding period of the last FY.

 

Excel Development Bank recovered Rs 7.6 million bad debt during the period. The bank has maintained Rs 6 million in its provision for possible losses.

The bank increased its profit by 13.77 percent to Rs 31.5 million in the first quarter compared to Rs 27.7 million of the last FY. Although the net interest income of the bank decreased during the period, increase in operating profit and recovery of bad debt led its net profit to grow by 13.77 percent.

In the review period, the bank raised its deposit collection by 20.02 percent to Rs 4.55 billion and loan extension by 17.07 percent to Rs 3.87 billion.

Excel strengthens its reserve fund in the review period compared to last FY. The bank raised its reserve fund to Rs 370 million from Rs 190 million.

Excel Development has paid-up capital of Rs 384.5 million. It has EPS of Rs 32.81, net worth per share of Rs 168.90 and P/E ratio of 14.94 times.


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