Nirdhan Utthan Laghubitta Reports 299.46% Surge in Q3 Net Profit Driven by Decline in Impairment Charges; Distributable Profit Remains Negative
Wed, May 8, 2024 12:21 PM on Latest, Financial Analysis, Company Analysis,
Nirdhan Utthan Laghubitta Bittiya Sanstha Limited (NUBL) has unveiled its third-quarter financial report for the fiscal year 2080/2081, demonstrating a remarkable surge in net profit. The company disclosed an impressive 299.46% increase, with net profit soaring to Rs. 17.58 crores from Rs. 4.4 crores compared to the corresponding quarter of the previous year.
While NUBL's core revenue experienced a slight decline of 3.26%, reaching Rs. 1.36 Arba from Rs. 1.4 Arba in the same quarter of the previous year, borrowings witnessed a marginal decrease of 1.39% to Rs. 3.89 Arba. Loans and advances, on the other hand, saw a slight uptick of 0.16%, reaching Rs. 24.35 Arba during the third quarter. Similarly, deposits rose by 3.47% amounting to Rs. 19.77 Arba.
During Q3, NUBL reported a noteworthy decrease in impairment charges, amounting to Rs. 50.82 crores, reflecting a substantial decline. This reduction played a pivotal role in driving the surge in net profit for the period.
In terms of financial position, NUBL showcased a paid-up capital of Rs. 2.61 Arba, accompanied by reserves and surplus standing at Rs. 2.43 Arba and negative retained earnings of Rs. 18.16 crores.
NUBL reported a negative distributable profit of Rs. 22.03 Crores. However, the annualized earnings per share (EPS) stood impressively at Rs. 8.98, accompanied by a net worth per share recorded as Rs. 186.10.
Major Financial Highlights:
* Figures are of Immediate Previous Year Quarter Ending
| Particulars (In Rs '000) | Nirdhan Utthan Laghubitta | ||
|---|---|---|---|
| Q3 2080/81 | Q3 2079/80 | Difference | |
| Paid Up Capital | 2,612,079.75 | 2,612,079.75* | 0.00% |
| Share Premium | 510.11 | 510.11* | 0.00% |
| Retained Earnings | -181,655.32 | -357,515.44* | - |
| Reserves | 2,430,147.09 | 2,436,699.95* | -0.27% |
| Deposits | 19,777,942.77 | 19,114,293.32* | 3.47% |
| Loans & Advances to Customers | 24,352,635.64 | 24,312,643.33* | 0.16% |
| Borrowings | 3,891,736.34 | 3,946,721.84* | -1.39% |
| Net Interest Income | 1,363,740.60 | 1,409,752.51 | -3.26% |
| Personnel Expenses | 685,492.38 | 652,883.99 | 4.99% |
| Impairment Charges | 508,227.32 | 861,998.31 | -41.04% |
| Operating Profit | 432,002.53 | 64,539.90 | 569.36% |
| Net Profit | 175,860.12 | 44,024.31 | 299.46% |
| Distributable Profit | -220,344.55 | 0.00 | - |
| Capital Adequacy (%) | 11.72 | 13.36 | -12.28% |
| NPL (%) | 10.77 | 12.09 | -10.92% |
| Cost of Fund (%) | 8.24 | 8.37 | -1.55% |
| EPS (In Rs.) | 8.98 | 2.25 | 299.46% |
| Net Worth per Share (In Rs.) | 186.10 | 179.62 | 3.61% |
| Qtr end PE Ratio (times) | 72.97 | - | - |
| Qtr End Market Price | 655 | - | - |
