Agriculture Development Bank Doubles Net Profit with 176.23% Increase in Q4 With Rise in Net Interest Income; Distributable Profit at Rs 2.66 Arba
Mon, Aug 5, 2024 8:12 AM on Financial Analysis, Company Analysis, Latest,
Agriculture Development Bank Limited (ADBL) has released its financial report for the fourth quarter of the fiscal year 2080/81, showcasing a remarkable 176.23% increase in net profit, amounting to Rs 3.65 Arba.
At the end of this fiscal period, ADBL's total paid-up capital stood at Rs 18.88 Arba including Rs 5.43 Arba irredeemable non-cumulative preference shares, with reserves of Rs 15.60 Arba and retained earnings of Rs 2.66 Crores. The bank's total deposits surged by 22.11% to Rs 24.35 Kharba, while loans and advances to customers reached Rs 20.17 Arba.
Net Interest Income saw a significant increase of 23.53%, reaching Rs 10.12 Arba. Personnel expenses totaled Rs 3.78 Arba, while impairment charges declined sharply by 15.40%, standing at Rs 1.23 Arba, contributing to the bank's improved earnings.
Key financial metrics for the fourth quarter include an annualized Earnings Per Share (EPS) of Rs 19.36 and a net worth per share of Rs 196.73. Despite the impressive profit growth, the bank faced an increase in Non-Performing Loans (NPL) to 3.44%. Additionally, the bank disclosed a distributable profit of Rs 2.66 Arba.
* Figures are of Immediate Previous Year Quarter Ending
| Particulars (In Rs '000) | Agriculture Development Bank | ||
|---|---|---|---|
| Q4 2080/81 | Q4 2079/80 | Difference | |
| Paid Up Capital | 18,884,386.08 | 18,884,386.08* | 0.00% |
| Share Premium | 0.00 | 0.00 | - |
| Retained Earnings | 2,662,757.74 | 1,243,168.61* | - |
| Reserves | 15,604,982.06 | 13,666,098.35* | 14.19% |
| Deposits | 243,589,840.86 | 199,486,613.57* | 22.11% |
| Loans & Advances | 201,765,881.93 | 176,303,568.13* | 14.44% |
| Net Interest Income | 10,124,280.15 | 8,195,659.00 | 23.53% |
| Personnel Expenses | 3,786,169.57 | 3,620,726.43 | 4.57% |
| Impairment Charges | 1,233,610.49 | 1,458,173.79 | -15.40% |
| Operating Profit | 5,294,601.89 | 3,039,504.86 | 74.19% |
| Net Profit | 3,655,662.64 | 1,323,411.05 | 176.23% |
| Distributable Profit/ (Loss) after P/L Appropriation and Regulatory Adjustments | 2,662,757.74 | 1,243,168.61 | 114.19% |
| Capital Adequacy (%) | 13.44 | 14.24 | -5.62% |
| NPL (%) | 3.44 | 2.78 | 23.74% |
| Cost of Fund (%) | 5.88 | 7.51 | -21.70% |
| EPS (In Rs.) | 19.36 | 7.01 | 176.23% |
| Net Worth per Share (In Rs.) | 196.73 | 178.95 | 9.94% |
| Qtr end PE Ratio (times) | 15.19 | ||
| Qtr End Market Price | 294 | - | |
