Shine Resunga reports 86% net profit rise by Q4; Bagmati Development posts 128 % growth
Mon, Jul 28, 2014 12:00 AM on Others,
ShareSansar, July 28:
Shine Resunga Development Bank Limited has reported 86 percent net profit in the last fiscal year 2070/71.
Publishing its unaudited financial report for the fourth quarter today, the development bank based in Tamghas, Gulmi has stated that its net profit rose to Rs 16.19 crore up from Rs 8.73 crore at the end of the previous fiscal year 2069/70.
Shine Resunga had a good core business record during the last fiscal year. It’s deposit mobilization rose from Rs 4.01 arba to Rs 4.90 arba and it has succeeded in mobilizing 4.30 arba in loan, up from Rs 3.12 arba at the end of the previous fiscal year.
Its net interest income has surged to Rs 28.77 crore from just Rs 16.88 crore.
It has managed to post such an impressive profit growth despite provisioning Rs 1.51 crore for possible loss.
It has also managed to write back Rs 75.75 lakh by the end of the fourth quarter.
Yet another good thing about the financial report is that Shine Resunga’s non-performing loan has decreased from 0.51 percent to 0.38 percent by the end of the fourth quarter.
Its EPS now stands at 29.46, net worth per share at Rs 139.88 and P/E ratio at 14.43.
Meanwhile, Bagmati Development Bank Limited has also reported a net profit rise of 128 percent in the fiscal year 2070/71.
As compared to corresponding quarter of the previous fiscal year, the net profit rose from Rs 30.44 lakh to Rs 69.37 lakh.
The development bank accumulated deposits of Rs 38.96 crore and loan flow was Rs 29.23 crore in the fourth quarter. Both deposits and loan have increased as compared to corresponding quarter of last fiscal year.
The net profit is mainly fueled by the core business of the development bank as the net interest income has increased to Rs 2.37 crore as compared to corresponding quarter it was Rs 1.22 crore.
Likewise it managed to write back a provision of Rs 48 thousands for possible loss in this quarter.
The NPL has decreased from 0.10 percent to 0.04 percent.
Its EPS now stands at Rs 13.87, net worth per share at Rs 115.79 and the PE ratio at 13.34 times.
