Corporate Development Bank (CORBL) Posts 33% Drop in Q3 Net Profit, Impairment Charges Surge; EPS at Rs. 2.22
Sun, Apr 21, 2024 8:11 AM on Financial Analysis, Company Analysis, Latest,
Corporate Development Bank Limited (CORBL) has unveiled its third-quarter fiscal report for 2080/81, indicating a 33.08% decrease in net profit, dropping to Rs. 87.24 lakhs from Rs. 1.30 Crores compared to the same period last year.
Maintaining a financial position, CORBL retains a total paid-up capital of Rs. 52.50 Crores alongside reserves and retained earnings totaling Rs. 17.54 Crores and Rs. 3.51 Crores, respectively. Additionally, the bank holds Rs. 2.39 Crores in share premium.
In terms of core operations, CORBL reports customer deposits of Rs. 1.61 Arba and loans and advances reaching Rs. 1.10 Arba. However, there is a noteworthy increase in impairment charges by 68.49%.
Key indicators of the bank's core business revenue exhibit a 6.94% decrease in net interest income, amounting to Rs. 6.58 Crores in the quarter. Moreover, personnel expenses have declined by 15.01%, while operating profit witnessed a significant decrease of 33.08% to Rs. 1.24 Crores.
Financial metrics for the third quarter include an annualized EPS of Rs 2.22, with net worth per share standing at Rs 144.67.
* Figures are of Immediate Previous Year Quarter Ending
| Particulars (In Rs '000) | Corporate Development Bank Limited | ||
|---|---|---|---|
| Q3 2080/81 | Q3 2079/80 | Difference | |
| Paid Up Capital | 525,000.00 | 525,000.00* | 0.00% |
| Share Premium | 23,921.25 | 23,921.25* | 0.00% |
| Retained Earnings | 35,111.92 | 51,106.12* | -31.30% |
| Reserves | 175,483.74 | 160,543.45* | 9.31% |
| Deposits | 1,619,746.96 | 1,256,194.93* | 28.94% |
| Loans & Advances | 1,107,010.01 | 1,140,043.05* | -2.90% |
| Net Interest Income | 65,889.41 | 61,610.66 | 6.94% |
| Personnel Expenses | 11,942.01 | 14,051.72 | -15.01% |
| Impairment Charges/(Reversal) for loans and advances | 36,161.68 | 21,462.17 | 68.49% |
| Operating Profit | 12,463.93 | 18,625.60 | -33.08% |
| Net Profit | 8,724.75 | 13,037.92 | -33.08% |
| Capital Adequacy (%) | 41.99 | 51.83 | -18.99% |
| Cost of Fund (%) | 7.66 | 8.62 | -11.14% |
| Annualized EPS (In Rs.) | 2.22 | 3.31 | -33.08% |
| Net Worth per Share (In Rs.) | 144.67 | 144.87 | -0.14% |
| Qtr end PE Ratio (times) | 194.83 | - | - |
| Qtr End Market Price | 431.7 | - | - |
