Global IME Laghubitta Reports Strong Q1 FY 2080/81 Results with 27.15% Net Profit Increase Amid NPL Uptick
Wed, Nov 1, 2023 10:06 AM on Financial Analysis, Stock Market, Latest,
Global IME Laghubitta Bittiya Sanstha (GILB) recently disclosed its First-quarter report for the fiscal year 2080/81, revealing a noteworthy 27.15% surge in net profit. The company's net profit escalated to Rs. 3.4 crores, marking a substantial increase from Rs. 2.67 crores recorded in the corresponding quarter of the preceding year.
Notable financial shifts were observed, with deposits experiencing a 5.66% rise, totaling Rs. 3.23 Arba, compared to Rs. 3.05 Arba during the same quarter of the previous year. Conversely, the company's loans and advances witnessed a reduction of 10.06%, amounting to 7.62 Arba in this quarter.
The core revenue, reflected as net interest income, exhibited a robust 13.85% increase, reaching Rs. 15.57 crore, compared to Rs. 13.68 crore during the corresponding quarter of the previous year.
Maintaining stability, the company retained its paid-up capital at Rs. 61.89 crores during this quarter. However, the reserve and surplus saw a decline of 8%, standing at Rs. 50.43 crores.
The annualized earnings per share (EPS) stands at Rs. 21.98, while the net worth per share is recorded at Rs. 181.50. The company is currently traded at a price-to-earnings (P/E) multiple of 39.76 times.
In addition to the financial highlights previously mentioned, it's noteworthy to add that the company has witnessed an increase in Non-Performing Loans (NPL) during this quarter. The NPL escalated to 4.76%, signifying a rise in non-performing assets within the company's portfolio.
Major Financial Highlights:
* Figures are of Immediate Previous Year Quarter Ending
| Particulars (In Rs '000) | Global IME Laghubitta | ||
|---|---|---|---|
| Q1 2080/81 | Q1 2079/80 | Difference | |
| Paid Up Capital* | 618,900.05 | 552,589.33 | 12.00% |
| Retained Earnings and Reserves* | 504,399.55 | 548,286.44 | -8.00% |
| Loans & Advances to Customers* | 7,628,294.43 | 8,481,082.63 | -10.06% |
| Deposits* | 3,231,239.60 | 3,058,255.88 | 5.66% |
| Net Interest Income | 155,758.81 | 136,806.91 | 13.85% |
| Personnel Expenses | 74,177.52 | 73,965.67 | 0.29% |
| Impairment Charges | 46,945.87 | 38,475.99 | 22.01% |
| Operating Profit | 48,602.37 | 38,347.77 | 26.74% |
| Net Profit | 34,007.66 | 26,746.73 | 27.15% |
| Distributable Profit/ (Loss) after P/L Appropriation and Regulatory Adjustments | -6,772.13 | ||
| Capital Adequacy (%) | 12.71 | 12.27 | 3.59% |
| NPL (%) | 4.76 | 2.73 | 74.36% |
| Cost of Fund (%) | 8.49 | 9.27 | -8.41% |
| Annualized EPS (In Rs.) | 21.98 | 19.36 | 13.52% |
| Net Worth per Share (In Rs.) | 181.50 | 199.22 | -8.89% |
| Qtr end PE Ratio (times) | 39.76 | - | - |
| Qtr End Market Price | 874 | - | - |
