Kathmandu. The National Cooperative Bank has reported a significant loss of NPR 754.23 million in its Fourth Quarterly Annual Balance Sheet for the fiscal year 2080/81.
This is a sharp decline compared to the same period last fiscal year, 2079/80, when the bank had recorded a profit of NPR 204.37 million.
The bank’s financial performance deteriorated primarily due to a decline in Net Interest Income, which dropped to NPR 1.07 billion from NPR 1.61 billion the previous year. Despite efforts to increase interest income, rising interest expenditure resulted in negative operating profits.
As of the end of Ashar, the bank reported an operating loss of NPR 2.20 billion and a negative earnings per share of NPR 62.89. Additionally, the bank’s bad debt ratio surged to 175.59%, marking a significant increase from 7.95% in the previous year.
The bank’s total share capital stood at NPR 2.79 billion by the end of Ashar, slightly down from NPR 2.81 billion in the previous fiscal year. Currently, the bank holds NPR 3.60 billion in its savings account.