Kathmandu. Laxmi Sunrise Bank has released its financial statements for the first quarter of the current fiscal year 2083/84. The bank has earned a profit of Rs 65.33 crore in the first three months of the current financial year. The profit of the bank has increased by 96.41 percent compared to the corresponding period of the previous financial year.

In the first quarter of the last financial year 2082/83, the bank’s net profit was only Rs 33.23 crore. The increase in the bank’s profit is due to a significant decline in the loan impairment charge, which is set aside for the bank’s potential credit risk.

The bank’s impairment charge has come down by 38.36 percent to Rs 1.19 billion. In the first quarter of the last financial year, it was Rs 1.93 billion.

Similarly, the bank’s operating profit increased by 112.99 percent to Rs 93.31 crore.

The net interest income, which is the main source of income of the bank, has decreased by 1.65 percent. The net interest income has increased to Rs 2.67 billion in the same period of the current fiscal from Rs 2.71 billion in the first quarter of the previous financial year.

On the non-interest income side, the bank’s net fee and commission income increased by 4.53 per cent to Rs 64.47 crore. It was Rs 61.68 crore in the first quarter of the previous year. Net trading income increased by 32.81 per cent to Rs 28.48 crore, while other operating income was Rs 19.70 crore.

On the business expansion, the bank has improved both loan investment and deposit mobilization. In the first three months of the current fiscal year, customer deposits increased by 3.58 percent from Rs. 424.37 billion to Rs. 439.55 billion in the first three months of the current fiscal year.

During the same period, customer credit flow increased by 5.00 percent from Rs 305.80 billion to Rs 321.08 billion. The total non-performing loan (NPL) of the bank increased from 5.42 percent in the first quarter of the last fiscal year to 5.58 percent in the same period of the current financial year.

During this period, the bank’s earnings per share increased from Rs 5.46 to Rs 9.76. The bank’s price-to-earnings ratio is 27.89 times the price per share of Rs 272.20 in the stock market.

Presently, the bank has a paid-up capital of Rs 26.78 billion with a net worth of Rs 178, capital adequacy ratio of 11.96 percent and distributable profit of Rs 142.7 million in the first quarter of the current FY.