CYC Nepal Laghubitta Witnesses 87.43% Plummet in Net Profit and Operating Profit in Q1; NPL at 6.54%
Sun, Nov 5, 2023 7:38 AM on Financial Analysis, Company Analysis, Latest,
CYC Nepal Laghubitta Bittiya Sanstha Limited (CYCL) has released its first-quarter report for the fiscal year 2080/81, indicating a substantial decline in net profit by 87.43%. The report reveals that the net profit plummeted to Rs. 19.02 lakhs, a notable decrease from the Rs. 1.51 crore reported during the corresponding quarter in the previous year.
During this quarter, the company's borrowings escalated by 19.35% to reach Rs. 2.75 Arba, compared to Rs. 2.3 Arba in the corresponding quarter of the previous year. Conversely, the company's deposits saw an increase of 3.25%, totaling Rs. 2.22 Arba. Moreover, the company's loans and advances exhibited an 8.95% increase, amounting to 5.6 Arba in this quarter.
The net interest income (NII), considered as the core revenue, experienced a decrease of 6.72% to Rs. 5.63 crores from Rs. 6.04 crores in the corresponding quarter of the previous year. The company attributed the decline in net profit to amplified staff expenses, which surged by 33.37%. Additionally, impairment charges rose by 53.09% to Rs. 43.23 lakhs for this quarter.
The company's paid-up capital stood at Rs. 26.64 crores in this quarter, while its reserve and surplus marked an increase of 4.26% to reach Rs. 32.29 crores.
Notably, the non-performing loans (NPL) experienced a substantial spike of 127.87%, rising to 6.54% from the 2.87% recorded in the previous quarter.
The annualized earnings per share (EPS) for CYCL stands at Rs. 2.86, while the net worth per share is reported at Rs. 221.22.
Major Financial Highlights:
* Figures are of Immediate Previous Year Quarter Ending
| Particulars (In Rs '000) | CYC Nepal Laghubitta | ||
|---|---|---|---|
| Q1 2080/81 | Q1 2079/80 | Difference | |
| Paid Up Capital | 266,424.39 | 266,424.39* | 0.00% |
| Reserves & Surplus | 322,982.60 | 309,800.07* | 4.26% |
| Borrowings | 2,750,473.67 | 2,304,538.51* | 19.35% |
| Deposits from Customers | 2,225,902.24 | 2,155,845.73* | 3.25% |
| Loans and Advances to Customers | 5,601,065.89 | 5,141,161.11* | 8.95% |
| Net Interest Income | 56,376.32 | 60,438.96 | -6.72% |
| Personal Expenses | 60,582.50 | 45,423.60 | 33.37% |
| Impairment Charges | 4,323.28 | 2,824.05 | 53.09% |
| Operating Profit | -1,376.08 | 21,878.89 | -106.29% |
| Net Profit | 1,902.22 | 15,137.37 | -87.43% |
| Capital Adequacy (%) | 9.35 | 9.08 | 2.97% |
| NPL (%) | 6.54 | 2.87 | 127.87% |
| Cost of Fund (%) | 10.08 | 8.74 | 15.33% |
| Annualized EPS (In Rs.) | 2.86 | 22.73 | -87.43% |
| Net Worth per Share (In Rs.) | 221.23 | 216.28 | 2.29% |
| Qtr end PE Ratio (times) | 355.40 | - | - |
| Qtr End Market Price | 1015.00 | - | - |
