Karnali Development Bank (KRBL) Reports 66% Growth in Q3 Net Profit Alongside Negative Distributable Profit
Mon, Apr 22, 2024 10:35 AM on Financial Analysis, Company Analysis, Latest,
Karnali Development Bank Limited (KRBL) has unveiled its unaudited financial statement for the third quarter of fiscal year 2080/81, revealing a remarkable increase in net profit and Earnings Per Share (EPS).
During the third quarter of the current fiscal year, KRBL achieved a net profit of Rs. 2.88 Crores, marking a substantial 66.18% growth compared to the same period last fiscal year, where the net profit stood at Rs. 1.73 Crores. Despite a decline in net interest income, the bank experienced significant profit growth attributed to a reduction in impairment charges.
Despite an 18.46% reduction in interest income, KRBL witnessed a notable 66.18% rise in operating profit, propelled by a decrease in impairment charges. However, the bank reported a negative distributable profit of Rs. 2.5 Crores.
Moreover, KRBL's per-share earnings showed an upward trajectory, with the annualized EPS reaching Rs. 7.64 during the review period. The bank's price-earnings (P/E) ratio currently stands at 53.67 times, while the net worth per share is reported at Rs. 105.75.
* Figures are of Immediate Previous Year Quarter Ending
| Particulars (In Rs '000) | Karnali Development Bank Limited | ||
|---|---|---|---|
| Q3 2080/81 | Q3 2079/80 | Difference | |
| Paid Up Capital | 502,830.00 | 502,830.00* | 0.00% |
| Share Premium | 458.93 | 458.93* | 0.00% |
| Retained Earnings | -25,134.82 | 22,339.09* | - |
| Reserves | 53,580.52 | 68,703.17* | -22.01% |
| Deposits | 4,687,383.93 | 4,490,131.43* | 4.39% |
| Loans & Advances | 3,404,658.04 | 3,392,904.01* | 0.35% |
| Net Interest Income | 83,105.04 | 101,920.35 | -18.46% |
| Personnel Expenses | 43,567.31 | 45,613.35 | -4.49% |
| Impairment Charges/(Reversal) for loans and advances | -21,243.22 | 14,762.39 | - |
| Operating Profit | 28,807.60 | 17,334.94 | 66.18% |
| Net Profit | 28,807.60 | 17,334.94 | 66.18% |
| Distributable Profit (Rs.) | -25,134.82 | 22,339.09 | - |
| Capital Adequacy (%) | 10.18 | 10.20 | -0.20% |
| Cost of Fund (%) | 8.29 | 9.84 | -15.75% |
| Annualized EPS (In Rs.) | 7.64 | 4.60 | 66.18% |
| Net Worth per Share (In Rs.) | 105.75 | 118.20 | -10.53% |
| Qtr end PE Ratio (times) | 53.67 | - | - |
| Qtr End Market Price | 410 | - | - |
