Synergy Finance registers massive profit growth by 22 times to Rs 18.51 crore in Q2

Synergy Finance Limited (SYFL) has posted a massive net profit of Rs 18.51 crore in the first quarter of the current fiscal year 2073/74. The net profit figure stood at Rs 82.20 lakh in the corresponding quarter of the previous fiscal year. As per the financial quarter published by the company today, it stated that the company’s net interest income has surged to Rs 4.40 crore in the Q2 from Rs 1.69 crore as of previous year corresponding quarter. It has written back Rs 14.62 crore in earnings. Its NPL in Q2 has decreased to 20.43 % from 32.12%. Likewise, it has a deposit base of Rs 1.94 arba and has extended Rs 1.61 arba in loan and advances. The deposit and loan amount remained at Rs 1.83 arba and Rs 1.29 arba respectively in previous year’s corresponding quarter. Synergy Finance’s paid up capital remains at Rs 47.44 crore with a negative reserve of Rs 3.37 crore in the second quarter. SYFL’s SGM held on Mangsir 5, 2073 had endorsed 25% right share, after the issuance of which its paid up capital will reach Rs 59.3 crore. As per NRB’s directive for all national level finance companies to maintain a minimum paid up capital of Rs 80 crore by the end of FY 2073/74, Synergy Finance will need to increase its capital by a further 35%. Its Earnings Per Share (EPS) is at Rs 39.04 and net worth per share stood at Rs 92.88. Its PE ratio is at 3.64 times.