Siddhartha Bank profit up surges by 48.36% in Q2 as merger process continues with Business Universal; EPS at Rs 40

Siddhartha Bank Limited (SBL) has reported a net profit of Rs 49.28 crore for the second quarter of the fiscal year 2072/73.The net profit has increased by 48.36% in Q2 compared to the corresponding quarter of the previous fiscal year. Publishing the unaudited financial report for the second quarter today, Siddhartha Bank has stated that the net interest income increased to Rs 80.14 crore in Q2 from Rs 63.26 crore of the previous fiscal year. The bank has mobilized deposits of Rs 48.59 arba in Q2 compared to Rs 38.91 arba in the corresponding quarter last year. Likewise, it disbursed loans of Rs 40.30 arba, up from Rs 31.99 arba. It’s paid up capital remains at Rs 2.43 arba with reserve of Rs 1.81 arba. The bank has managed to trim down non-performing loans to 1.41 % from 2.47 % in Q2. Its EPS(annualized)  now stands at Rs 40 , net worth per share at Rs 173.70, PE ratio at 14.88 times and CD ratio at 77.50 percent. Siddhartha bank signed a MOU for merger with Business Universal Development Bank (BUDBL) on January 7, 2016. The reading of SBL has been halted due to ongoing merger. The LTP of SBL stands at Rs 595 on January 06, 2015.