Sindhu Bikas Bank’s net profit rises by 31%; EPS down to Rs 10.53

Sindhu Bikas Bank Limited (SINDU) has registered a net profit growth of 31.33% in the second quarter of the current FY 2073/74. According to the unaudited financial report published by the development bank today, its net profit has increased to Rs. 1.38 crore in second quarter, up from Rs. 1.05 crore in the corresponding quarter of the previous fiscal year. SINDU’s net interest income has risen to Rs 4.61 crore in Q2 as compared to Rs. 3.01 crore in the corresponding quarter of the last fiscal year. As of Q2, it has a paid up capital of Rs 26.21 crore with a reserve of Rs 4.66 crore. The bank also collected deposits of Rs 1.75 arba in Q2, up from Rs 1.35 arba in the corresponding period last year. Likewise, it has extended loans and advances of Rs. 1.18 arba in Q2 whereas in the same period last year the figure stood at Rs. 78.37 arba. Its non-performing loan (NPL) declined slightly to 1.19% in the current quarter from 1.35% percent in the previous year report. SINDU’s annualized Earnings per Share (EPS) has decreased almost 40% to Rs 10.53 per share. It had distributed 16.8% stock dividend for the year 2072/73, and issued 100% right share. Major Highlights:

Indicators (Rs in "000")	FY 2073/74 Q2	FY 2072/73 Q2	Difference (%)
Paid Up Capital	262,192.50	120,937.50	116.80%
Reserve and Surplus	46,555.23	19,202.99	142.44%
Deposits	1,755,196.38	1,187,807.14	47.77%
Loans and Advances	1,355,604.21	783,703.90	72.97%
Net Interest Income	46,162.12	30,160.30	53.06%
Provision	6,917.63	589.21	-
Write Back	-	-	-
Operating Profit	21,698.15	16,521.55	31.33%
Net Profit	13,807.92	10,513.71	31.33%
Capital Adequacy Ratio	19.26%	14.63%	-
NPL	1.19%	1.35%	-11.85%
Base Rate			-
Cost of Fund	4.06%	4.07%
CD Ratio (as per NRB)	66.95%	67.57%	-
EPS (Annualized)	10.53	17.39	-39.42%
PE Ratio	32.37
Networth Per Share	117.75