Laxmi Sunrise Bank's Q3 Net Profit Rises by 27.70% to Rs 1.61 Arba; EPS at Rs 9.29 as NPL Spikes at 5.49%
Fri, Apr 19, 2024 9:30 AM on Financial Analysis, Company Analysis, Latest,
Laxmi Sunrise Bank Limited (LSL) has revealed its third-quarter fiscal report for 2080/81, with a 27.70% increase in net profit, reaching Rs 1.61 Arba.
The bank maintains a strong financial position with a total paid-up capital of Rs. 23.18 Arba and reserves of Rs. 17.84 Arba, although facing negative retained earnings at Rs 1.24 Arba.
During this quarter, LSL witnessed impressive growth in both deposits, totaling Rs 3.11 Kharba, and loans and advances to customers, reaching Rs 2.49 Kharba. Noteworthy is the substantial 103.49% rise in Net Interest Income, reaching Rs. 8.53 Arba. However, expenditures, including personnel costs of Rs. 2.75 Arba and a significant increase of 265.44% in impairment charges to Rs. 4 Arba, were observed.
Despite reporting an annualized EPS of Rs 9.29 and a net worth per share of Rs 171.59, concerns arose due to Non-Performing Loans (NPL) spiking to 5.49%. Additionally, the bank disclosed a negative distributable profit of Rs. 1.24 Arba.
* Figures are of Immediate Previous Year Quarter Ending
| Particulars (In Rs '000) | Laxmi Sunrise Bank Limited | ||
|---|---|---|---|
| Q3 2080/81 | Q3 2079/80 | Difference | |
| Paid Up Capital | 23,187,155.00 | 21,670,238.00* | 7.00% |
| Share Premium | 0.00 | 0.00 | - |
| Retained Earnings | -1,248,400.00 | 1,728,332.00* | - |
| Reserves | 17,849,050.00 | 14,826,362.00* | 20.39% |
| Deposits | 311,610,777.00 | 296,243,475.00* | 5.19% |
| Loans & Advances | 249,675,259.00 | 247,870,138.00* | 0.73% |
| Net Interest Income | 8,532,769.00 | 4,193,247.00 | 103.49% |
| Personnel Expenses | 2,754,787.00 | 1,265,509.00 | 117.68% |
| Impairment Charges | 4,001,651.00 | 1,095,026.00 | 265.44% |
| Operating Profit | 2,231,756.00 | 1,996,514.00 | 11.78% |
| Net Profit | 1,615,903.00 | 1,265,345.00 | 27.70% |
| Distributable Profit/ (Loss) after P/L Appropriation and Regulatory Adjustments | -1,248,400.00 | 1,335,875.00 | - |
| Capital Adequacy (%) | 12.47 | 13.14 | -5.10% |
| NPL (%) | 5.49 | 1.82 | 201.65% |
| Cost of Fund (%) | 6.78 | 8.51 | -20.33% |
| Annualized EPS (In Rs.) | 9.29 | 7.79 | 19.35% |
| Net Worth per Share (In Rs.) | 171.59 | 176.39 | -2.72% |
| Qtr end PE Ratio (times) | 16.38 | ||
| Qtr End Market Price | 152.2 | - | |
