NIC Asia Bank Reports Impressive Growth in Business Volume in Q2; Net Profit Rises by 36.27% to Stand at Rs. 3.27 Arba, EPS At Rs. 56.61
Sun, Jan 22, 2023 8:33 AM on Latest, Financial Analysis, Stock Market,
NIC Asia Bank Limited (NICA) has published its second-quarter report for the FY 2079/2080 with an increase in Net Profit by 36.27%. The bank's net profit has increased from Rs. 2.40 Arba in the second quarter of FY 2078/2079 to Rs. 3.27 Arba in the second quarter of FY 2079/2080.
The bank reported Rs. 3.75 Arba as distributable profit after P/L appropriation and regulatory requirements. However, the NIC Asia did not distributed dividend for the Fiscal Year 2078/79.
The bank’s deposit from customers increased by 5.50% to Rs. 3.05 kharba (compared to immediate previous year ending) whereas loans and advances to customers increased by 1.75% to Rs. 2.56 kharba (compared to the immediate previous year ending) till the second quarter. The Net Interest Income (core business income) of the bank has increased by 20.11% to Rs. 6.29 arba compared to the corresponding quarter of the previous year.
The bank’s paid-up capital stands at Rs. 11.56 Arba with Rs. 12.89 Arba in Reserves. The annualized earnings per share (EPS) of the Bank stood at Rs. 56.61 and Net worth per share stood at Rs. 243.97. The company traded at a P/E multiple of 14.18 times.
Major Highlights:
| Particulars (In Rs '000) | NIC Asia Bank Limited | ||
|---|---|---|---|
| Q2 2079/80 | Q2 2078/79 | Difference | |
| Paid Up Capital | 11,564,005.37 | 11,564,006.37 | 0.00% |
| Retained Earnings | 3,752,455.66 | 3,427,074.09 | 9.49% |
| Reserves | 12,896,750.44 | 9,852,067.33 | 30.90% |
| Deposits | 305,857,732.75 | 289,903,959.72 | 5.50% |
| Loans & Advances | 256,860,843.07 | 252,448,483.25 | 1.75% |
| Net Interest Income | 6,295,713.59 | 5,241,672.30 | 20.11% |
| Personnel Expenses | 2,227,988.58 | 1,866,985.77 | 19.34% |
| Provision for Possible Losses | 342,062.89 | ||
| Write Back | 479,620.12 | ||
| Operating Profit | 4,693,463.93 | 3,420,555.02 | 37.21% |
| Net Profit | 3,273,330.26 | 2,402,066.31 | 36.27% |
| Distributable Profit/ (Loss) after P/L Appropriation and Regulatory Adjustments | 3,752,455.66 | ||
| Capital Adequacy (%) | 13.18 | 12.43 | 6.03% |
| Cost of Fund (%) | 8.38 | 7.06 | 18.70% |
| EPS (In Rs.) | 56.61 | 41.54 | 36.27% |
| Net Worth per Share (In Rs.) | 243.97 | 214.83 | 13.57% |
| Qtr end PE Ratio (times) | 14.18 | ||
| Qtr End Market Price | 803 | - | - |
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