Western Development Bank’s net interest income increases by 33.54%; Decreased provision for possible losses surges the profit

Fri, Aug 3, 2018 5:25 AM on Financial Analysis, Latest, Stock Market,

Western Development Bank Limited (WDBL) has published unaudited financial report for the fourth quarter today. It has stated that net profit has significantly increased to Rs 9.27 crore in fourth quarter of fiscal year 2074/75 from Rs 6.99 crore reported in the corresponding quarter of the previous fiscal year 2073/74.

Likewise, it extended loans of Rs 2.66 arba from Rs 1.93 arba. It has collected deposits of Rs 3.19 arba in the fourth quarter of the current fiscal year. It has paid up capital of Rs 50.40 crore with reserve of Rs 5.17 crore in Q4.

Net Interest income is the primary source of income for finance. Its net interest income has sizably increased from Rs 11.41 crore in the corresponding quarter last year to Rs 16.36 crore in the fourth quarter of fiscal year 2074/75. Its operating profit has inclined to Rs 14.58 crore in Q4, from Rs 10.91 crore in corresponding quarter.

Earnings per Share (EPS) stands at Rs 18.41. The development bank’s non-performing loan (NPL) has slightly decreased to 0.84 percent in the current quarter. Currently, Net worth per share stands at Rs 110.27. The development bank is being acquired by Deva Bikas Bank Limited due to which the transaction of its shares in the secondary market is on halt.

Major Highlights:

Particulars (In Rs '000)

WDBL

Q4 2074/75

Q4 2073/74

Difference

Paid Up Capital

504,068

345,312

45.97%

Reserve & Surplus

51,749

86,268

-40.01%

Deposits

3,196,870

2,451,786

30.39%

Borrowings

-

-

-

Loans & Advances

2,663,252

1,939,696

37.30%

Net Interest Income

163,621

114,146

43.34%

Provision for possible losses

313

10,202

-96.93%

Operating Profit

145,822

109,199

33.54%

Net Profit

92,796

69,919

32.72%

NPL

0.84

0.89

-5.62%

Annualized EPS (In Rs.)

18.41

20.25

-9.08%

Net Worth per Share (In Rs.)

110.27

124.98

-11.77%