Jyoti Bikas Bank Delivers 906% Profit Surge in Q4 FY 2082/83
Jyoti Bikas Bank Limited (JBBL) reported a sharp turnaround in its fourth-quarter performance for FY 2082/83, with net profit soaring more than nine-fold, driven by higher operating income, lower funding costs, and a reversal of impairment charges.
Jyoti Bikas Bank Limited (JBBL) has published its fourth-quarter financial results for FY 2082/83, reporting a significant improvement in profitability. The development bank posted a net profit of Rs. 1.00 billion, representing a 905.75% year-on-year increase from Rs. 100 million in the corresponding period of the previous fiscal year. The strong performance was supported by an 11.77% rise in net interest income, which increased to Rs. 2.34 billion, while operating profit surged 360.15% to Rs. 1.79 billion. Customer deposits grew 11.15% to Rs. 67.22 billion, and loans and advances expanded 6.61% to Rs. 49.58 billion, reflecting continued growth in the bank's core business. The bank's earnings were further boosted by a Rs. 301.2 million reversal of impairment charges on loans and advances, compared to an impairment expense in the previous year. On the asset quality front, the Non-Performing Loan (NPL) ratio improved to 6.55% from 7.75%, while the cost of funds declined to 3.76% from 4.99%, indicating improved funding efficiency. The bank maintained a Capital Adequacy Ratio (CAR) of 14.05%, comfortably above the regulatory requirement. As a result of the stronger financial performance, Earnings Per Share (EPS) increased to Rs. 22.88, while Net Worth Per Share rose to Rs. 170.97.