Infinity Laghubitta Reports 280.57% Net Profit Surge, Driven by Significant Decrease in Impairment Charges; Distributable Profit Is In Negative
Mon, May 6, 2024 8:18 AM on Financial Analysis, Company Analysis, Latest,
Infinity Laghubitta Bittiya Sanstha Limited (ILBS) has unveiled its third-quarter financial report for the fiscal year 2080/2081, demonstrating remarkable financial strength with a significant surge in net profit. The company disclosed an impressive 280.57% increase in net profit, soaring to Rs. 5.25 crores from Rs. 1.38 crores compared to the corresponding quarter of the previous year.
ILBS's performance was underscored by a 3.26% rise in core revenue, specifically net interest income, which reached Rs. 19.93 crores from Rs. 19.3 crores in the same quarter of the previous year.
While deposits experienced a slight decrease of 3.17% to Rs. 1.27 Arba, loans and advances witnessed a notable uptick of 17.32%, reaching Rs. 5.15 Arba during the third quarter.
During Q3, ILBS reported a noteworthy decrease in impairment charges, amounting to negative Rs. 1.55 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, ILBS showcased a paid-up capital of Rs. 49.74 Crores, accompanied by reserves and surplus standing at Rs. 26.57 crores and negative retained earnings of Rs. 4.46 crores.
The annualized earnings per share (EPS) stood impressively at Rs. 14.10, accompanied by a net worth per share recorded as Rs. 144.45. However, ILBS reported a negative distributable profit of Rs. 4.46 Crores.
Major Financial Highlights:
* Figures are of Immediate Previous Year Quarter Ending
| Particulars (In Rs '000) | Infinity Laghubitta | ||
|---|---|---|---|
| Q3 2080/81 | Q3 2079/80 | Difference | |
| Paid Up Capital | 497,415.94 | 497,415.94* | 0.00% |
| Share Premium | 0.00 | 0.00 | - |
| Retained Earnings | -44,623.09 | 666.14* | - |
| Reserves | 265,736.46 | 167,912.28* | 58.26% |
| Deposits | 1,277,521.23 | 1,319,298.14* | -3.17% |
| Loans & Advances to Customers | 5,155,407.54 | 4,394,361.79* | 17.32% |
| Net Interest Income | 199,376.28 | 193,086.36 | 3.26% |
| Personnel Expenses | 135,588.79 | 138,143.04 | -1.85% |
| Impairment Charges | -15,584.00 | 56,583.41 | - |
| Operating Profit | 75,142.50 | 19,474.60 | 285.85% |
| Net Profit | 52,599.75 | 13,821.41 | 280.57% |
| Distributable Profit | -44,623.08 | 0.00 | - |
| Capital Adequacy (%) | 11.94 | 12.14 | -1.65% |
| NPL (%) | 4.97 | 14.04 | -64.60% |
| Cost of Fund (%) | 8.39 | 11.01 | -23.80% |
| EPS (In Rs.) | 14.10 | 3.70 | 280.57% |
| Net Worth per Share (In Rs.) | 144.45 | 133.89 | 7.89% |
| Qtr end PE Ratio (times) | 66.67 | - | - |
| Qtr End Market Price | 940 | - | - |
