Siddhartha Dev Bank net profit surges by 24.94% to Rs 18.68 crore in Q2; NPL increases to 2.78%

Siddhartha Development Bank Limited (SDBL) has posted profit rise by 24.94% in the second quarter of the fiscal year 2073/74. As per the second quarterly report published by the development bank, the development bank has earned net profit of Rs 18.68 crore in the second quarter of the fiscal year 2073/74 up from Rs 14.95 crore in the corresponding period of the previous fiscal year 2072/73. The bank’s net interest income has surged to Rs 38.38 crore in the Q2, up from Rs 20.72 crore in the corresponding quarter of the previous fiscal year. Siddhartha Development Bank has collected Rs. 14.21 arba in deposits. It has disbursed loan and advances of Rs 12.19 arba in Q2. The deposits and loan amount stood at Rs 8.08 arba and Rs 6.71 arba respectively in the corresponding quarter of the previous fiscal year. The paid up capital of the development bank remains at Rs 1.41 arba with reserve of Rs 41.79 crore. It had distributed 24% bonus share from profits in FY 2072/73, and had endorsed a further 60% right. After the issuance of right share, its paid up capital will reach Rs 2.25 arba. As a national-level development bank, SDBL needs to increase its paid up capital by a further 10.81% to meet NRB’s directive to hike its paid up capital to Rs 2.50 arba. SDBL’s non-performing loan has increased to 2.78% from 2.09 % in Q2 of the FY 2073/74. Its annualized Earning per Share (EPS) stood at Rs 12.23, net worth per share at Rs 129.45 and P/E ratio at 27.32 times.