Srijana Finance reports 33% fall in net profit till Q2 of 2076/77; Rs 74.40 lakh deducted in depreciation and amortization

Sun, Feb 16, 2020 10:49 AM on Financial Analysis, Latest, Stock Market,

Srijana Finance Limited (SFFIL) has registered a profit of Rs 3.12 crore in the second quarter (Q2) of the fiscal year 2076/77.

According to the unaudited financial report published by the finance company today, its net profit has decreased to Rs 3.12 crore in the second quarter from the net profit of Rs 4.71 crore in the corresponding quarter of the last fiscal year 2075/76, increasing by almost 33.63%.

Srijana Finance’s net interest income has increased to Rs 13.49 crore in the second quarter as compared to Rs 6.12 crore in the corresponding quarter. Its paid-up capital and reserves stand at Rs 73.72 crore and Rs 13.77 crore respectively. Despite the increase in net interest income, the net profit has fallen as huge funds have been diverted into depreciation and amortization.

The finance company also amassed a huge amount of deposits in the Q2 of the current fiscal year. Deposits collection reached Rs 7.31 arba in Q2 from Rs 5.99 arba in the corresponding period last year.

Likewise, it has extended loans and advances of Rs 3.17 arba in Q2 whereas in the same period last year, the figure stood at Rs 4.15 arba.

Its non-performing loan has decreased to 3.24 percent in Q2 from 3.25 percent in the previous year’s report.

Annualized earnings per share (EPS) of SFFIL stands at Rs 8.48 and Net Worth per share is at Rs 142.28. The company has recently signed MoU of acquisition by Sunrise Bank Limited.

Second Quarter Report