Western Development Bank (WDBL) has registered a net profit growth of 93% in the second quarter of the current FY 2073/74.
According to the unaudited financial report published by the development bank today, its net profit has increased to Rs. 2.64 crore in second quarter, up from Rs. 1.36 crore in the corresponding quarter of the previous fiscal year.
WDBL’s net interest income has risen to Rs 4.84 crore in Q2 as compared to Rs. 2.37 crore in the corresponding quarter of the last fiscal year.
As of Q2, it has a paid up capital of Rs 15.69 crore with a reserve of Rs 9.11 crore.
The bank also collected deposits of Rs 2.29 arba in Q2, up from Rs 1.85 crore in the corresponding period last year. Likewise, it has extended loans and advances of Rs. 1.73 arba in Q2 whereas in the same period last year, the figure stood at Rs. 1.16 arba.
Its 10
th AGM had endorsed 20% stock dividend for the fiscal year 2072/73 and the development bank had also floated 100% right. After the adjustment of the rights shares, the development bank’s total paid-up capital will reach Rs 31.39 crore from the existing Rs 15.69 crore.
As per NRB's directive for all 1-3 district level development banks to hike their paid up capital to Rs 50 crore by the end of FY 2073/74, WDBL will need to increase its capital by a further 59.28%. WDBL’s annualized Earnings per Share (EPS) has increased by 93.44% to Rs 33.71 per share.
Major Highlights:
| Indicators (Rs in "000") |
FY 2073/74 Q2 |
FY 2072/73 Q2 |
Difference (%) |
| Paid Up Capital |
156,960.00 |
156,960.00 |
0.00% |
| Reserve and Surplus |
91,156.40 |
24,439.74 |
272.98% |
| Deposits |
2,299,368.74 |
1,856,208.09 |
23.87% |
| Loans and Advances |
1,738,185.40 |
1,168,519.85 |
48.75% |
| Net Interest Income |
48,459.56 |
23,756.22 |
103.99% |
| Provision |
12,670.08 |
4,442.56 |
- |
| Write Back |
|
|
- |
| Operating Profit |
41,577.80 |
21,494.48 |
93.43% |
| Net Profit |
26,458.64 |
13,678.31 |
93.44% |
| Capital Adequacy Ratio |
14.48% |
13.98% |
- |
| NPL |
0.71% |
0.58% |
22.41% |
| Cost of Fund |
6.53% |
7.04% |
|
| CD Ratio (as per NRB) |
68.23% |
57.35% |
- |
| EPS (Annualized) |
33.71 |
17.43 |
93.44% |
| PE Ratio |
8.60 |
|
|
| Networth Per Share |
158.08 |
|
|
