Kathmandu. Himalayan Bank has made public the unaudited financial statements for the first quarter of the current financial year. According to the financial statements released by the bank, the profit has decreased.

The bank’s net profit declined by 6.84 percent compared to the previous year. The bank earned a profit of Rs 65.48 crore in the first quarter of the current financial year. The bank had earned a net profit of Rs 70.28 crore in the same period of the previous year. The decline in the main source of income and the slowdown in business expansion have affected the bank’s profit.

During the three-month period, the bank’s net interest income, which is considered the main income, declined by 12.30 per cent to Rs 2.19 billion from Rs 2.50 billion in the same period of the previous year. Despite the decline in interest income, the bank’s impairment charge declined to Rs 35.31 crore from Rs 57.89 crore in the previous year. During the period, the operating profit of the bank declined marginally to Rs 1.54 billion from Rs 1.05 billion.

The total paid-up capital of Himalayan Bank stood at Rs 22.58 billion as of mid-October. The bank collected deposits of Rs 353.65 billion and disbursed loans of Rs 232.36 billion during the period. Looking at the financial indicators, the bank’s bad loans (non-performing loans) stood at 7.7 percent in the previous year. From 39 percent, it increased to 7.98 percent.

During the review period, the bank’s earnings per share stood at Rs 11.60 as against Rs 12.45 crore in the previous year. Similarly, the net worth per share of the bank stood at Rs 180.42. The bank’s distributable profit rose to Rs 9.79 billion from a negative of Rs 7.54 billion in the year to mid-October.