Shine Resunga to acquire Purnima Bikas Bank; two big development banks are coming together

Shine Resunga Development Bank Limited (SHINE) has declared that the acquisition process with Purnima Bikash Bank Limited (PURBL) has been carried forward after signing the mutual agreement for the acquisition. After the acquisition, the company name will remain as Shine Resunga Development Bank whereas, Shine Resunga will be established as national level bank there after.

Till second quarter of F/Y 2075/76, Shine Resunga Development Bank has paid up capital of Rs. 1.62 arba and reserve of Rs 53.05 crore. The bank has collected deposits of Rs 16.1 arba while it has mobilized loans and advances of Rs 14.52 arba . Its net interest income increased to Rs 40.99 crore. Its Non-Performing loan (NPL) has remained stagnant at 0.17%. Its Earnings per Share (annualized) stands at Rs 24.53 as of second quarter.

Likewise, Purnima Bikash Bank Ltd has reported the paid up capital of Rs 55.12 crore with reserve of Rs 10.86 crore. The bank has collected 3.35 arba in deposit and extended a total of Rs 3.04 arba in loans and advances in the second quarter of fiscal year 2075/76.while it’s net profit reaches to Rs 3.62 crore. Its net interest income rises to Rs 8.33 crore. Purnima’s non-performing loan (NPL) has increased to 0.57%.Annualized Earning per Share (EPS) of the development bank stands at Rs 13.13.

The last trading price of Shine Resunga Development Bank and that of Purnima Bikash Bank as on March 10, 2019 stood as Rs 240 and Rs 188 respectively. Similarly, the trading of Purnima Bikash Bank has been suspended from today due to the acquisition process.