Siddhartha Dev. Bank reports massive profit growth of Rs 14.95 crore from Rs 3.12 lakhs; Bhargav Bikas bank Q2 profit decreases by 29.60% to Rs 1.02 crore

Siddhartha Development Bank Limited (SDBL) has shown remarkable improvement in the second quarter (Q2) of the current fiscal year 2072/73. As per the quarterly report published today, the bank has earned net profit of Rs 14.95 crore in the second quarter of the fiscal year 2072/73 up from Rs 3.12 lakhs in the corresponding period of the previous fiscal year 2071/72. The operating profit of the bank has increased to Rs 13.49 crore from a loss of Rs 2.71 crore lakhs in the corresponding period of the previous fiscal year 2071/72. The write back of provision for possible losses has increased to Rs 9.4 crore from Rs 2.8 crore as compared to the Q2 of last fiscal year. Massive increment in the operational profit combined with the higher write back has propelled the net profit of SDBL. The bank’s net interest income surged to Rs 20.72 crore in the Q2, from Rs 11.70 crore in the corresponding quarter of the previous fiscal year. The paid up capital of the bank remains at Rs 71.59 crore. The bank has collected Rs. 8.08 arba in deposits in Q2 up from Rs 6.37 aba in the same quarter of previous year. The bank loan and advances boosted to Rs 6.50 arba in the current fiscal year up from Rs 4.71 arba in the corresponding period of the previous fiscal year. SDBL non-performing loan has dropped from 7.54 % in the corresponding period of the fiscal year 2071/72 to 2.09% in second quarter of the fiscal year 2072/73. Its annualized Earning per Share (EPS) stood at Rs 41.77 and net worth per share is at Rs 135.77. The credit to deposit ratio (CD ratio) of the bank stands at 74.29%. Meanwhile, Bhargav Bikas Bank Limited (BHBL) has reported decrease in net profit of 29.60 percent in the second quarter of the current fiscal year 2072/73. According to the unaudited financial report published by the development bank on today, its net profit has decline to Rs 1.02 crore in second quarter from Rs 1.45 crore in the corresponding quarter of the last fiscal year 2071/72. Its net interest income slightly increased to Rs. 2.48 crore in the second quarter from Rs. 2.07 crore in the corresponding quarter. It’s paid up capital remains at Rs. 12 crore. The bank collected deposits of Rs. 1.32 arba in Q2, up from Rs. 73.40 crore in the corresponding period last year. Likewise, it has extended loans and advances of Rs. 92.80 crore in Q2. In the same period of last year the figure stood at Rs. 60.49 crore. Its non-performing loan drop to 0.30 percent in Q2 from 0.78 percent in the previous year report. Bhargav’s Earning Per Share (EPS) stands at Rs. 8.56, net worth per share at Rs. 122.61, and P/E ratio at 36.78 times.