Sunrise Bank Q1 earnings shoot through the roof; profit surges by 114.87% to Rs 25.31 crore; Reserve at Rs 1.09 arba

Sunrise Bank Limited (SRBL) has reported astounding net profit growth by 114.86% in the first quarter of the fiscal year 2073/74.The commercial bank has earned Rs 25.31 crore in the Q1 of the current fiscal year from Rs 11.78 crore in the corresponding quarter of the previous fiscal year. As per the unaudited financial report for Q1 published today, the commercial bank’s net interest income exceeded to Rs.51.56 crore in Q1 from Rs.28.06 crore in the corresponding quarter of the previous fiscal year. Sunrise Bank’s deposit collection reached Rs. 54.08 arba up from Rs.35.26 arba in first quarter of the current fiscal year 2073/74. It has mobilized loans of Rs.46.45 arba, rising from Rs.29.22 arba of the corresponding quarter of the previous fiscal year. It’s paid up capital remains at Rs.5.30 arba with reserve of Rs.1.09 arba. The commercial bank’s operating profit has also doubled to Rs 30.49 crore from Rs.15.89 crore. The bank’s interest income, operating profit and overall business are the main factors for the increment in its net profit. Its non- performing loan (NPL) dropped to 1.69 % from 2.69 % in the first quarter. Sunrise Bank earning per share (EPS) stands at Rs.19.10. Its net worth per share is Rs.120.68, and P/E ratio is at 33.46 times.