Laxmi Bank’s profit jumps 12%, Reserve & Surplus soars to Rs 1.24 arba

ShareSansar, August 15:

Profit of Laxmi Bank Ltd has increased by 12 percent in the fourth quarter of the last fiscal year 2070/71.

Publishing the unaudited financial results today, the bank stated that its net profit rose to Rs 47.19 crore last year, up from Rs 41.98 crore in the corresponding period of the previous fiscal year 2069/70.

Though the net interest income of the bank dropped to Rs 82.23 crore from Rs 92.48 crore in the previous year, write back of Rs 5.37 crore from the amount set aside earlier fuelled profit growth of the bank.

The bank also provisioned Rs 7.37 crore in the last fiscal year for the possible loss.

Deposit mobilization of the bank stood at Rs 30.58 arba while it extended a total of Rs 23.1 arba in loan in the last fiscal year. The bank had mobilized Rs 25.96 arba in deposit and Rs 19.69 arba in loan in the previous year.

Non-performing loan (NPL) of the bank remained at 1.15 percent, down from 1.51 percent in the previous year. While Nepal Rastra Bank has made it mandatory for the commercial banks to maintain Rs 2 arba paid-up capital by the end of the last fiscal year, the paid-up capital of the bank is Rs 1.95 arba.

The EPS of the bank is Rs 24.22, P/E ratio 24.28 times and net worth per share Rs 163.86.

Another good part of the report is that it shows the bank’s reserve and surplus also soared to Rs 1.24 arba in the last fiscal year from Rs 77.25 crore in the previous year.