Laxmi Bank Increases Net Profit by 32.5%

Nov 12, 2019 10:26 AM Merolagani

Laxmi Bank (LBL)  has increased its net profit by Rs 98.9 million to Rs 401.9 million in the first quarter of the current FY compared the corresponding period of the last FY.  

As per the financial report published as per NFRS format, the bank has the distributable profit of Rs 199 million during the period. The company with Rs 8.92 billion in paid-up capital has EPS of Rs 18.02.

The bank maintained reserve fund of Rs 2.24 billion and shareholders fund of Rs 1.85 billion. It logged net worth per share of Rs 145.94 and P/E ratio of 11.93 times.

In the review period, the bank increased its deposit collection by 2.34 percent to Rs 82.20 billion and loan extension by 4.80 percent to Rs 78.19 billion.

During the period, the bank earned Rs 835.7 million in net interest income and operating profit of Rs 589.6 million.

Similarly, the non-performing loan of the bank decreased to 1.04, cost of fund to 7.19 and base rate to 10.24 percent. During the period, the capital fund ratio of the bank declined to 11.90 percent from 12.36 percent. In a bid to raise its capital fund ratio, the bank issued dividend worth Rs 2 billion on October 10.

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