Rise in Net Interest Income Leads to 24.37% Increase in Net Profit for Shine Resunga Development Bank in Q1 FY 2081/82
Wed, Oct 23, 2024 8:10 AM on Latest, Financial Analysis, Company Analysis,
Shine Resunga Development Bank Limited (SHINE) has reported its unaudited financial results for the first quarter of FY 2081/82, reflecting a 24.37% increase in net profit, totaling Rs 23.83 crores.
This growth is largely attributed to a significant rise in net interest income, which grew by 28.84% to reach Rs 65.88 crores, although the bank experienced a notable increase in impairment charges, which rose by 175.97%.
The bank's total paid-up capital stands at Rs 4.73 Arba, complemented by reserves of Rs 2.02 Arba and retained earnings of Rs 39.4 crores. During this quarter, deposits increased by 1.17%, reaching Rs 66.71 Arba, while loans and advances rose by 3.01%, totaling Rs 53.73 Arba.
Key financial metrics for SHINE include an annualized Earnings Per Share (EPS) of Rs 20.14, a price-earnings (P/E) ratio of 24.92 times, and a net worth per share of Rs 151.03. Additionally, the bank disclosed a distributable profit of Rs 39.40 crores.
* Figures are of Immediate Previous Year Quarter Ending
Major Highlights:
| Particulars (In Rs '000) | Shine Resunga Development Bank | ||
|---|---|---|---|
| Q1 2081/82 | Q1 2080/81 | Difference | |
| Paid Up Capital | 4,733,690.95 | 4,733,690.95* | 0.00% |
| Share Premium | - | - | - |
| Retained Earnings | 394,068.20 | 384,296.00* | 2.54% |
| Reserves | 2,021,678.38 | 1,766,008.38* | 14.48% |
| Deposits | 66,716,856.29 | 65,945,662.00* | 1.17% |
| Loans & Advances | 53,738,864.69 | 52,170,668.58* | 3.01% |
| Net Interest Income | 658,880.69 | 511,388.33 | 28.84% |
| Personnel Expenses | 176,251.05 | 162,363.30 | 8.55% |
| Impairment Charges/(Reversal) for loans and advances | 121,168.64 | 43,905.98 | 175.97% |
| Operating Profit | 352,079.45 | 293,810.62 | 19.83% |
| Net Profit | 238,363.86 | 191,654.46 | 24.37% |
| Distributable Profit/ (Loss) after P/L Appropriation and Regulatory Adjustments | 394,068.20 | 442,965.92 | -11.04% |
| Capital Adequacy (%) | 12.56 | 13.00 | -3.38% |
| Non- Performing Loan (NPL)(%) | 3.50 | 2.59 | 35.14% |
| Cost of Fund (%) | 5.91 | 9.15 | -35.41% |
| Annualized EPS (In Rs.) | 20.14 | 16.19 | 24.37% |
| Net Worth per Share (In Rs.) | 151.03 | 145.43 | 3.86% |
| Qtr end PE Ratio (times) | 24.92 | ||
| Qtr End Market Price | 502 | - | - |
