Shine Resunga Development Bank to acquire Bhargav Bikas Bank; receives approval from NRB

Shine Resunga Development Bank (SHINE) has received approval from the Nepal Rastra Bank (NRB) to acquire Bhargav Bikas Bank Limited (BHBL).

As per the unaudited financial report for the third quarter published by SHINE, the development bank has stated that it has net profit of Rs.30.09 Crore in the Q3 up from Rs.23.72 Crore in the corresponding period of the previous fiscal year. Its net interest income increased to Rs.63.98 Crore in Q3 from Rs.46.97 Crore in the corresponding quarter previous year. SHINE has a paid up capital of Rs.1.62 Arba and reserve of Rs.64.23 Crore. Its Earnings per Share stands at Rs.25.55 and net worth per share stands at Rs.139.59. Its P/E ratio stands at 9.20 times.

Similarly, Bhargav Bikas Bank Limited (BHBL) had registered 95.68% increase in net profit in the third quarter of the current fiscal year 2075/76. Its net profit has increased to Rs.5.22 Crore in third quarter from Rs.2.67 Crore in the corresponding quarter of the fiscal year 2074/75. Its interest income has risen to Rs.12.12 Crore in Q3 as compared to Rs.7.05 Crore in the corresponding quarter. It’s paid up capital remains at Rs.50.16 Crore with Rs.13.52 Crore in its reserve. It’s annualized earning per share (EPS) stand at Rs.13.89 and Net worth per share at Rs.126.97.

The development bank is also in the process of acquiring Purnima Bikas Bank Limited (PURBL). After the completion of acquisition process, SHINE will be established as a national level development bank.