Nepal Breaking NewsBusinessSunrise Bank Limited reports decent profit growth

Sunrise Bank Limited reports decent profit growth

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The third quarter for Fiscal Year 2075/76 has been released by Sunrise Bank. The bank’s profit by 31% from the previous year’s corresponding period, according to the unaudited quarterly report. The profit has increased from Rs. 94 crores to Rs. 1.23 billion rupees. The increase in net profit is attributed to a 37.50 percent increase in net interest income. Until the third quarter of fiscal year, the bank expects to earn Rs. 2.64 Arba in net interest income.

Sunrise Bank has a paid-up capital of Rs. 8.15 Arba and liquidity and surplus of Rs. 3.63 Arba. In the first months of this fiscal year, deposits and loans grew by 7.17 percent and 16.23 percent, respectively. Deposits and loans total Rs. 72.20 Arba and Rs. 68.82 Arba, respectively.

The company’s annualized earnings per share (EPS) has increased by 30% to Rs. 20.05. NPLs and the rate have also decreased to 1.37 percent and 10.43 percent, respectively.

The bank has a distributable profit of Rs. 91 crores before the third quarter, giving it the opportunity to pay a nearly 15% to (Note: The distributable profit is annualized)

Financial Highlights of Sunrise Bank for Quarter, 2075/76

                Headings 3rd Qtr, F.Y. 2075/76 Ashar end, F.Y. 2074/75 % Change
Paid up capital(Rs.’ Arba’) 8.15 8.15 0.00
Reserve and Surplus(Rs.’ Arba’) 3.63 3.40 6.76
Deposits(Rs.’Arba’) 72.20 67.37 7.17
Loans & Advances(Rs.’Arba’) 68.82 59.21 16.23
                Headings 3rd Qtr, F.Y. 2075/76 3rd Qtr, F.Y. 2074/75 % Change
Net Interest Income(Rs.’Arba’) 2.64 1.92 37.50
Net Profit(Rs.’ Arba’) 1.23 0.94 30.85
Distributable Profit(Rs.’ Arba’) 0.91
Earnings Per Share, EPS(Rs.) 20.05 15.41 30.11
Non Performing Loans, NPL(%) 1.37 1.45 -5.52
Base rate(%) 10.43 11.34 -8.02

 

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