Sindhu Bikas Bank Limited has reported a decline in net profit for the second quarter of the current fiscal year 2082/83 (up to mid-January). According to the bank’s unaudited financial statement, the bank incurred a net loss of NPR 1.54 crore, compared to a net profit of NPR 4.87 crore in the same period last year.
The bank’s net interest income also dropped by 14.43%, totaling NPR 8.08 crore, down from NPR 9.44 crore during the same period last year.
Operating profit turned negative as well, with the bank posting a loss of NPR 1.55 crore, compared to an operating profit of NPR 6.95 crore in the previous fiscal year.
Meanwhile, the bank’s distributable profit stood at a negative NPR 23.95 crore, and earnings per share (EPS) were negative at NPR 5.57. The bank’s net worth per share is NPR 94.18.
As of mid-January, the bank’s paid-up capital stood at NPR 55.74 crore, reserve fund at NPR 19.61 crore, and retained earnings at a negative NPR 22.65 crore.
The bank collected deposits worth NPR 566.07 crore and extended loans amounting to NPR 329.63 crore, with non-performing loans reaching 6.38% during the period.
Sindhu Bikas Bank has emphasized that it will focus on financial health improvement and risk management to strengthen its operations and recover profitability.
