Miteri Development Bank Sees 58.04% Decline in Net Profit With 43.44% Drop in Net Interest Income; Annualized EPS at Rs. 2.65
Thu, Oct 24, 2024 8:42 AM on Latest, Financial Analysis, Company Analysis,
Miteri Development Bank Limited (MDB) has announced its financial results for the first quarter of the fiscal year 2081/82, showing a mixed performance compared to the previous year.
The bank’s paid-up capital remains stable at Rs. 1.11 Arba, with retained earnings declining slightly by 0.33% to Rs. 15.54 crores. However, reserves increased by 2.44% to Rs. 33.38 crores, indicating a stable equity position.
Despite this, total deposits decreased by 3.84% to Rs. 6.18 Arba, and loans and advances saw a minor reduction of 0.96% to Rs. 3.60 Arba.
A significant challenge for the bank was a dramatic drop in net interest income, which fell by 43.44% to Rs. 4.12 crores. Both operating profit and net profit also experienced steep declines of 58.04%, standing at Rs. 1.05 crores and Rs. 73.61 lakhs, respectively.
On a positive note, impairment charges for loans decreased by 59.29% to Rs. 96 lakhs. The capital adequacy ratio improved to 33.65%, while the non-performing loan (NPL) ratio decreased significantly to 1.80%.
As of the quarter-end, Miteri Development Bank's net worth per share rose marginally to Rs. 144.02, although annualized earnings per share (EPS) suffered a sharp decline of 58.04% to Rs. 2.65. The price-to-earnings (P/E) ratio remains high at 250.99.
* Figures are of Immediate Previous Year Quarter Ending
Major Highlights:
| Particulars (In Rs '000) | Miteri Development Bank | ||
|---|---|---|---|
| Q1 2081/82 | Q1 2080/81 | Difference | |
| Paid Up Capital | 1,111,426.57 | 1,111,426.57* | 0.00% |
| Share Premium | - | - | - |
| Retained Earnings | 155,428.10 | 155,946.67* | -0.33% |
| Reserves | 333,817.36 | 325,867.21* | 2.44% |
| Deposits | 6,180,020.47 | 6,427,135.55* | -3.84% |
| Loans & Advances | 3,602,491.69 | 3,637,475.77* | -0.96% |
| Net Interest Income | 41,157.00 | 72,769.28 | -43.44% |
| Personnel Expenses | 18,086.10 | 20,970.98 | -13.76% |
| Impairment Charges/(Reversal) for loans and advances | 9,634.60 | 23,665.52 | -59.29% |
| Operating Profit | 10,517.09 | 25,065.34 | -58.04% |
| Net Profit | 7,361.97 | 17,545.74 | -58.04% |
| Distributable Profit/ (Loss) after P/L Appropriation and Regulatory Adjustments | 155,428.10 | 134,779.97 | 15.32% |
| Capital Adequacy (%) | 33.65 | 29.16 | 15.40% |
| Non- Performing Loan (NPL)(%) | 1.80 | 2.82 | -36.17% |
| Cost of Fund (%) | 6.74 | 9.67 | -30.30% |
| Annualized EPS (In Rs.) | 2.65 | 6.31 | -58.04% |
| Net Worth per Share (In Rs.) | 144.02 | 143.35 | 0.47% |
| Qtr end PE Ratio (times) | 250.99 | ||
| Qtr End Market Price | 665 | - | - |
