Shangri-la Dev. net profit grows by 136.93% in Q2; earn Rs 7.67 crore

ShareSansar, February 4:

Shangri-la Development Bank Limited (SADBL) has posted a massive profit growth of 136.93 percent in the second quarter of the current fiscal year 2071/72.

According to an unaudited financial statement published today, the bank disclosed that it achieved a net profit of Rs 7.67 crore in the second quarter of the current fiscal year compared to the net profit of Rs 3.23 crore in the corresponding period of last fiscal year 2070/71.

The bank’s net interest income reached Rs 17.38 crore in the second quarter this year, which is a growth of 190.84 percent compared to the income of the same period last year.

While the bank was required to provision Rs 2.69 crore in the second quarter this year for the possible losses, but it could manage to write back only Rs 48.68 lakh that it had provisioned in the previous years for possible losses.

Shangri-la observed a satisfactory growth in terms of deposit collection and loan supply during the review period. While the bank mobilized Rs 6.94 arba on deposit in the second quarter this year, it extended a total of Rs 5.98 arba on loans.

It had mobilized a total of Rs 2.31 arba on deposit and Rs 1.77 arba on loans in the corresponding period of the last fiscal year 2070/71.

The annualized earning per share (EPS) and the net worth per share of the bank stand at Rs 23.98 and Rs 152.03 respectively. Its NPA stands at 1.27 percent.