Laxmi Bank reports decline in core business revenue in Q1; Profit decreased by 22.29%

Fri, Nov 13, 2020 1:57 PM on Latest, Company Analysis,

Laxmi Bank Limited (LBL) has published its first-quarter report for the FY 2077/2078 with a decrease in Net Profit by 22.29%. The bank’s net profit decreased to Rs. 31.23 crores in this quarter from Rs. 40.19 crores of the corresponding quarter of FY 2076/2077.

As per the quarterly report, the company’s operating profit decreased by 24.03% to Rs. 44.80 crores in first-quarter compared to the corresponding quarter of the previous year. The bank reported Rs. 3.24 crores as distributable profit after P/L appropriation and regulatory requirements in this quarter.

The bank reported a deposit of Rs. 1.01 Kharba in this quarter. On the other hand, the loans and advances stood at Rs. 87.56 Arba. The net interest income of the bank decreased by 11.95% to Rs. 76.23 crores compared to the corresponding quarter of the previous year.

The bank’s paid-up capital stood at Rs. 9.81 Arba with Rs. 4.83 Arba as its reserves and surplus.

The annualized EPS for the bank stood at Rs. 12.73. The Net worth per share stands at Rs. 149.22. The stock for the period traded at a P/B multiple of 1.70 times.

Click here for the Q1 report

Financial Highlights:

Particulars

Laxmi Bank Limited

Q1, 2077/2078

Q1, 2076/2077

Difference

Paid-Up Capital

9,812,560.00

9,812,560.00

-

Share Premium

0.00

0.00

-

Retained Earnings

1,467,220.00

1,310,244.00

11.98%

Reserves

3,362,978.00

2,852,259.00

17.91%

Deposits from Customers

101,175,501.00

98,370,757.00

2.85%

Loans & Advances to Customers

87,564,769.00

88,452,550.00

-1.00%

Net Interest Income

762,325.00

865,792.00

-11.95%

Fee and Commission Income

201,408.00

189,986.00

6.01%

Impairment Charge/ (Reversal)

-214,016.00

-66,951.00

-

Personnel Expenses

309,565.00

290,194.00

6.68%

Operating Profit

448,002.00

589,678.00

-24.03%

Profit/ (Loss) for the period

312,372.00

401,946.00

-22.29%

Total Comprehensive Income

551,333.00

353,394.00

56.01%

Distributable Profit/(Loss) after P/L appropriation and Regulatory Adjustments

32,451.00

-

-

Capital Adequacy Ratio (CAR) (%)

13.24%

11.90%

-

Non-Performing Loan (NPL)

0.97%

1.04%

-

CCD (as per NRB Directive)

71.87%

77.88%

-

Cost of Fund (%)

5.71%

7.19%

-

Base Rate (%)

8.09%

10.24%

-

Annualized EPS (Rs.)

12.73

16.38

-22.29%

Net Worth per share (Rs.)

149.22

142.42

4.78%

Qtr End PE Ratio (Rs.)

19.95

-

-

Qtr End Market Price

254

-

-

Price to Book (PB Ratio)

1.70

-

-