Sahara Development reports 61.06% rise in quarterly earnings

ShareSansar May 28:

Sahara Development Bank has posted an impressive 61.06% rise in net profit for the third quarter of the current fiscal year 2071/72.

The bank’s net profit rose to Rs 71.85 lakhs in the period compared to Rs 44.61 lakhs reported in the corresponding quarter of the fiscal year 2070/71, as per the unaudited financial report for the third quarter published today.

The bank has mobilized deposits of Rs 34.29 crore in the 3rd quarter of the ongoing fiscal as against Rs 19.54 crore in the corresponding quarter last year. Likewise, it extended loans of Rs 2.95 crore, up from Rs 16.65 crore.

Bank’s net interest income has increased from Rs 87.25 lakhs in the corresponding quarter last year to Rs 1.42 crore in the third quarter of 2071/72.

It posted an operating profit of Rs 1.12 crore.

The bank’s non-performing loan (NPL) has gone up from 1.06% in the third quarter of the last fiscal to 2.85% this year.

Its EPS (annualized) stands at Rs 49.90, net worth per share at Rs 208.68 and CD ratio at 76.78%.