Siddhartha Bank achieves 38.20% growth in net profit; earns Rs 33.57 crore in Q2

ShareSansar, January 30:

Siddhartha Bank Limited (SBL) has posted profit growth of 38.20 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 33.57 crore in the second quarter of the current fiscal year compared to the net profit of Rs 24.29 crore in the corresponding period of last fiscal year 2070/71.

The bank’s net interest income reached Rs 63.26 crore in the second quarter this year, which is a growth of 12.77 percent compared to the income of the same period last year.

While the bank was required to provision Rs 8.01 crore in the second quarter this year for the possible losses, but it could manage to write back Rs 2.32 crore that it had provisioned in the previous years for possible losses.

Siddhartha observed a satisfactory growth in terms of deposit collection and loan supply during the review period. While the bank mobilized Rs 38.91 arba on deposit in the second quarter this year, it extended a total of Rs 31.99 arba on loans.

The bank also managed to slash its non performing loan (NPL) to 2.47 percent in the second quarter from 3.52 percent in the corresponding period of last year.

The annualized earning per share (EPS) and the net worth per share of the bank stand at Rs 32.11 and Rs 20.68 respectively. The P/E ratio remained 20.68 times.