CYC Nepal Laghubitta Bittiya Sanstha Limited (CYCL) has unveiled its third-quarter financial report for the fiscal year 2080/2081, revealing a remarkable upswing in performance. The company has reported a staggering 263.37% increase in net profit, reaching Rs. 2.8 crores compared to Rs. 77.07 lakhs in the corresponding quarter last year.
A significant driver behind this exceptional financial performance is the substantial 17.99% rise in core revenue, particularly net interest income, which soared to Rs. 20.73 crores from Rs. 17.57 crores in the same quarter of the previous year. This notable revenue increase has played a crucial role in bolstering CYCL’s net profits.
Additionally, CYCL has witnessed positive growth in key operational metrics. Deposits have surged by 5.11% to Rs. 2.26 Arba, while loans and advances have experienced a modest uptick of 10.93%, reaching Rs. 5.74 Arba during the third quarter.
Throughout Q3, CYCL has reported impairment charges totaling Rs. 54.87 lakhs, marking a significant decline of 89.04%. This reduction in impairment charges has contributed significantly to the increase in net profit for the company.
In terms of financial position, CYCL has disclosed a paid-up capital of Rs. 26.64 Crore, along with reserves and surplus amounting to Rs. 31.10 crores. The annualized earnings per share (EPS) stands at Rs. 14.02, with the net worth per share recorded at Rs. 216.40. Notably, CYCL traded at a P/E multiple of 123.05 times during the period.