Sunrise Bank profit rises by 26.53% in Q2; earns Rs 26.04 crore

ShareSansar, February 9:

Sunrise Bank Limited (SRBL) has posted a profit rise of 26.53 percent in the second quarter of the current fiscal year 2071/72.

 According to an unaudited financial statement published today, the bank disclosed that it achieved a net profit of Rs 26.04 crore in the second quarter of the current fiscal year compared to the net profit of Rs 20.58 crore in the corresponding period of last fiscal year 2070/71.

 The bank’s net interest income reached Rs 55.26 crore in the second quarter this year, which is a growth of 5.96 percent compared to the income of the same period last year.

 While the bank was required to provision Rs 16.12 crore in the second quarter this year for the possible losses, but it could manage to write back only Rs 14.57 crore any amount that it had provisioned in the previous years for possible losses.

Sunrise Bank observed a satisfactory growth in terms of deposit collection and loan supply during the review period. While the bank mobilized Rs 29.21 arba on deposit in the second quarter this year, it extended a total of Rs 23.35 arba on loans.

 It had mobilized a total of Rs 25.32 arba on deposit and Rs 20.12 arba on loans in the corresponding period of the last fiscal year 2070/71.

 The annualized earning per share (EPS) and the net worth per share of the bank stand at Rs 23.29 and Rs 138.78 respectively. Its NPA stands at 3.97 percent and P/E ratio is 17.60 times.