Global IME Bank's Q2 After Successful Merger With BOKL - Paid-Up Capital Stands at Massive Rs. 35.77 Arba; Net Profit Rises to Rs. 2.78 Arba
Sun, Jan 22, 2023 8:19 AM on Financial Analysis, Stock Market, Latest,
Global IME Bank Limited (GBIME) has published a second-quarter report for FY 2079/80 after the successful merger with Bank of Kathmandu Limited (BOKL) with 4.47% growth in net profit.
The bank’s profit has increased from Rs. 2.66 arba in the second quarter of the fiscal year 2078/79 to Rs 2.78 arba in the second quarter of the fiscal year 2079/80.
GBIME and BOKL merged on a swap ratio of 1:1 and the joint integrated transaction started from 25 Poush, 2079. Hence, profit earned up to 24 Poush, 2079 has been transferred to retained earnings after necessary appropriation to statutory reserves.
In the same quarter, the bank has Rs 1.11 Arba as distributable profit after Regulatory Adjustments and PL appropriations. The former BOKL announced 6% bonus shares and 14.95% cash dividends to its shareholders from the profit it had made in the previous fiscal year -78/79. On the other hand, GBIME distributed 3% bonus shares and 10.6% cash dividends to its shareholders. These bonus shares have been capitalized by the merged company.
Following the merger, the bank has a total paid-up capital of massive Rs. 35.77 Arba, whereas the reserves stand at Rs. 18.31 Arba.
The bank has deposits from customers of Rs 4.03 Kharba and loans and advances to customers stand at Rs 3.63 Kharba until the second quarter. The net interest income of the bank has increased by 36.45% to Rs 6.54 Arba from Rs 4.79 arba in the corresponding quarter.
In the second quarter, the EPS of the bank stands at Rs 15.56. The net worth per share stands at Rs 154.34 and PE ratio stands at 13.52 times.
MAJOR FINANCIAL HIGHLIGHTS
| Particulars (In Rs '000) | Global IME Bank Limited | ||
| Q2 2079/80 | Q2 2078/79 | Difference | |
| Paid Up Capital | 35,771,060.00 | 23,795,753.00 | 50.33% |
| Retained Earnings | 1,119,199.00 | 3,239,226.00 | -65.45% |
| Reserves | 18,319,390.00 | 10,704,481.00 | 71.14% |
| Deposits | 403,683,639.00 | 276,964,910.00 | 45.75% |
| Loans & Advances | 363,239,472.00 | 258,087,532.00 | 40.74% |
| Net Interest Income | 6,543,089.00 | 4,795,237.00 | 36.45% |
| Personnel Expenses | 1,831,452.00 | 1,737,430.00 | 5.41% |
| Provision for Possible Losses | 1,129,181.00 | 104,099.00 | 984.72% |
| Operating Profit | 3,794,569.00 | 3,676,914.00 | 3.20% |
| Net Profit | 2,782,379.00 | 2,663,384.00 | 4.47% |
| Distributable Profit/ (Loss) after P/L Appropriation and Regulatory Adjustments | 1,119,199.00 | ||
| Capital Adequacy (%) | 12.57 | 12.70 | -1.02% |
| Cost of Fund (%) | 8.72 | 6.16 | 41.56% |
| EPS (In Rs.) | 15.56 | 22.39 | -30.51% |
| Net Worth per Share (In Rs.) | 154.34 | 158.60 | -2.68% |
| Qtr end PE Ratio (times) | 13.52 | ||
| Qtr End Market Price | 210.4 | - | - |
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