Following merger with Bageshwori, Shangri-La Development Bank reports 92.7 % net growth by Q4

ShareSansar, August 19:

Shangri-la Development Bank Limited has reported 92.7 percent net profit rise in the last fiscal year 2070/71.

Publishing the unaudited financial report for the fourth report today, Shangri-La has stated that its net profit has risen to Rs 15.82 crore in the last fiscal year, up from Rs 8.21 crore in the previous fiscal year 2069/70.

The net interest income of the development bank has almost tripled to Rs 33.34 crore by the end of the fourth quarter from Rs 11.43 crore.

Nonetheless, it may be noted that the figure for the fourth quarter of the last fiscal year is unaudited one and that of the merged entity of Shangri-La and Bageshwori Development Bank Limited, while the figure of the corresponding quarter is the audited one and that of only Bageshwori.
It mobilized Rs 6.45 arab in deposit and Rs 5.21 arba in loan and advancement in the
last fiscal year, up from Rs 2.12 arba in deposit and Rs 1.64 arba in loan in the previous fiscal year.

It also succeeded to write back Rs 1.17 crore from the amount provisioned for possible loss while it has provisioned Rs 2.02 crore for possible loss by the end of the fourth quarter.

Shangri-La’s non-performing loan has also dropped significantly to 0.68 percent of the total loan by the end of the last fiscal year from 2.17 percent at the end of the previous fiscal year.

Its EPS is now priced at Rs 24.73, the P/E ratio at 5.94 times while the net worth per share at Rs 139.50.