Recently Merged Laxmi Sunrise Bank Publicizes Q4 Report; Earns Rs. 2.26 Arba in Net Profits; Distributable Profit at Rs. 1.92 Arba

The recently merged entity, Laxmi Sunrise Bank Limited (LSBL) has made public its fourth-quarter report for the past financial year 2079-80, with Rs. 2.26 Arba in Net profits.

The current paid-up capital of LSBL is Rs. 21.67 Arba as previously, the paid-up capital of former Laxmi Bank Limited was Rs. 11.55 Arba whereas the paid-up capital of Sunrise Bank Limited was Rs. 10.11 Arba.

Laxmi Bank and Sunrise Bank completed their merger, forming Laxmi Sunrise, on 29th Ashadh 2080. Prior to the merger, both banks operated independently for 362 days during the FY 2079-80, and together for the remaining 3 days.

For the full fiscal year 2079-80, Laxmi Sunrise reported a net profit of NPR 3.80 Arba, which was distributed as follows:

A. The Statement of Profit & Loss of Laxmi Sunrise showed NPR 2.26 Arba, comprising:

• NPR 2.20 Arba net profit earned by the former Laxmi Bank during 362 days from 1st Shrawan 2079 to 28th Ashad 2080.
• NPR 60 Crores net profit earned by Laxmi Sunrise during 3 days from 29th to 31st Ashad 2080.

B. The Statement of Profit and Loss of the erstwhile Sunrise Bank (to be published after statutory audit completion) will reflect NPR 1.54 Arba in profits, covering the period of 362 days from 1st Shrawan 2079 to 28th Ashad 2080. (This profit will not be included in Laxmi Sunrise's P&L account but transferred directly to Retained Earnings after adjustments to General Reserve, Regulatory Reserve, and other reserves.)

The distributable profit the of bank stands at Rs. 1.937 Arba. 

Furthermore, the distributable profit for Laxmi Sunrise was calculated as follows:

• NPR 90 crores (aggregate profits from Laxmi Bank for 362 days and Laxmi Sunrise Bank for 3 days)
• NPR 16.30 crores (negative impact from erstwhile Sunrise Bank's distributable profit as of 28th Ashadh 2080)
• NPR 1.2 Arba (from the opening retained earnings of the former Laxmi Bank)
  = NPR 1.94 Arba, representing 8.94% of the paid-up capital.

The deposits in the bank has increased and amounts to Rs. 2.96 Kharba as of the end of the financial year 2079-80, alongside an increase in its loan disbursement totaling Rs. 2.53 Kharba as of the same period. 

The core business revenue of the bank has increased and stands at Rs. 5.50 Arba as of the end of the past financial year. Meanwhile, the impairment allocation of the bank has risen to Rs. 91.56 crores.

The Earnings per Share (EPS) of the bank stands at Rs. 10.44 while its Net worth per share is Rs. 173.55. 

The personnel expenses of the company has increased by 14.23 percent and totals Rs. 1.83 Arba as of Ashad 31, 2080. 

Click here for Q4 report: 

Major Financial Highlights