Sound business propels 24.8% net profit growth for Sunrise Bank in Q3

ShareSansar, May 11:

Sunrise Bank Limited has reported a massive growth of 24.86 percent in its net profit for the third quarter of the current fiscal year 2070/71.

Publicizing the unaudited quarterly report for the third quarter today, the commercial bank has stated that it has posted a net profit of Rs  27.27 crore in the third quarter, up from Rs 21.84 crore in the corresponding quarter of the last fiscal year.

The bank’s net interest income has also risen to Rs 78.89 crore, up from Rs 64.38 crore in the third quarter of the last fiscal year.

It has pulled off such an impressive profit despite provisioning Rs 30.48 crore for the possible losses.

Sunrise Bank also managed to write back a huge sum of Rs 16.76 by the end of the third quarter.

Sunrise mobilized Rs 26.09 arba in deposit and Rs 20.13 arba in loan as compared to Rs 22.17 arba in deposit and Rs 17.79 arba in the corresponding quarter last year.

The bank’s non-performing loan has also marginally dropped to 3.62 percent, up from 3.74 percent in the same period of the previous fiscal year.

Its EPS (annualized) has now risen to Rs 18.05 and its net worth per share stands at Rs 134.96 and the P/E ratio at 22.61.