Sunrise Bank Limited reports decent profit growth

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The third quarter for Fiscal Year 2075/76 been released by Sunrise Bank. The bank’s net profit increased by 31% from the previous year’s corresponding period, according to the unaudited quarterly report. The profit has increased from Rs. 94 crores to Rs. 1.23 billion rupees. The increase in net profit is attributed to a 37.50 percent increase in net interest income. Until the third quarter of this fiscal year, the bank expects to earn Rs. 2.64 Arba in net interest income.

Sunrise Bank a paid-up capital of Rs. 8.15 Arba and liquidity and surplus of Rs. 3.63 Arba. In the first nine months of this fiscal year, deposits and loans grew by 7.17 percent and 16.23 percent, respectively. Deposits and loans total Rs. 72.20 Arba and Rs. 68.82 Arba, respectively.

The company’s annualized earnings per share (EPS) increased by 30% to Rs. 20.05. NPLs and the base rate have also decreased to 1.37 percent and 10.43 percent, respectively.

The bank a profit of Rs. 91 crores before the third quarter, giving it the opportunity to pay a nearly 15% dividend to shareholders (Note: The distributable profit is annualized)

Highlights of Sunrise Bank for 3rd Quarter, 2075/76

                Headings 3rd Qtr, F.Y. 2075/76 Ashar end, F.Y. 2074/75 % Change
Paid up capital(Rs.’ Arba’) 8.15 8.15 0.00
Reserve and Surplus(Rs.’ Arba’) 3.63 3.40 6.76
Deposits(Rs.’Arba’) 72.20 67.37 7.17
Loans & Advances(Rs.’Arba’) 68.82 59.21 16.23
                Headings 3rd Qtr, F.Y. 2075/76 3rd Qtr, F.Y. 2074/75 % Change
Net Interest Income(Rs.’Arba’) 2.64 1.92 37.50
Net Profit(Rs.’ Arba’) 1.23 0.94 30.85
Profit(Rs.’ Arba’) 0.91
Earnings Per Share, EPS(Rs.) 20.05 15.41 30.11
Non Performing Loans, NPL(%) 1.37 1.45 -5.52
Base rate(%) 10.43 11.34 -8.02

 

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