The net profit logged an average growth despite 50 percent increase in net interest income and operating profit due to increase in provision for tax and employee bonuses.
In the review period, the company increased its net interest income by 63.53 percent to Rs 43.7 million and operating profit by 71.19 percent to Rs 23.9 million.
The company allocated Rs 2.6 million in provision for employee bonuses and Rs 7.1 million in provision for taxes. Such provision was Rs 1.5 million in provision for employee bonuses and Rs 180,000 for provision for taxes in the last FY.
The company with Rs 103.5 million in paid-up capital has reserve fund of Rs 33 million. During the period, the bank collected deposit of Rs 288.2 million, borrowed Rs 774.7 million and loan extension of Rs 1.09 billion.
The company maintained EPS of Rs 32.10, net worth per share of Rs 131.89, P/E ratio of 18.50 percent and bad debt of Rs 0.59 percent.
