Citizens Bank’s Net Profit Surges 63.05% to Rs. 2.09 Arba, EPS Jumps 55.29% to Rs. 13.53

Citizens Bank International Limited (CZBIL) has reported a 63.05% increase in net profit in the fourth quarter of fiscal year 2082/83, with profit rising to Rs. 2.098 Arba from Rs. 1.29 Arba in the corresponding quarter of the previous fiscal year. The bank’s paid-up capital increased by 5% to Rs. 15.50 Arba from Rs. 14.76 Arba a year earlier. Retained earnings, however, declined 32.78% to Rs. 52.31 Crores from Rs. 77.81 Crores. Meanwhile, reserves increased by 19.74% to Rs. 8.86 Arba. Citizens Bank’s customer deposits grew 9.57% to Rs. 2.31 Kharba from Rs. 2.11 Kharba in Q4 FY 2081/82. Loans and advances increased marginally by 0.76% to Rs. 1.70 Kharba, compared to Rs. 1.68 Kharba in the previous fiscal year. The bank’s net interest income declined slightly by 1.90% to Rs. 6.29 Arba from Rs. 6.41 Arba. Personnel expenses increased 20.13% to Rs. 2.44 Arba. Impairment charges declined by 69.05% to Rs. 82.93 Crores from Rs. 2.68 Arba a year earlier. The lower impairment provision supported a significant improvement in operating performance, with operating profit surging 81.26% to Rs. 3.60 Arba from Rs. 1.99 Arba. The bank’s capital adequacy ratio remained unchanged at 12.47%. However, its non-performing loan (NPL) ratio increased to 5.88% from 4.89%, indicating a rise in non-performing assets. The cost of funds declined significantly by 25.17% to 3.36% from 4.49% in the previous fiscal year, reflecting a reduction in the bank’s funding costs. Citizens Bank’s earnings per share (EPS) increased 55.29% to Rs. 13.53 from Rs. 8.71. Net worth per share rose 3.31% to Rs. 160.51 from Rs. 155.38. At the end of the quarter, the bank’s price-to-earnings (P/E) ratio stood at 14.55 times, while its quarter-end market price was recorded at Rs. 196.90 per share. Report: Major Financial Highlights:

Particulars (In Rs '000) Citizens Bank International Limited

Q4 2082/83 Q4 2081/82 Difference

Paid Up Capital 15,507,463.61 14,769,012.97 5.00%

Share Premium 0.00 0.00  

Retained Earnings 523,101.77 778,168.99 -32.78%

Reserves 8,861,081.47 7,400,531.83 19.74%

Deposit 231,731,236.98 211,500,793.31 9.57%

Loans & Advances  170,141,196.73 168,860,738.13 0.76%

Net Interest Income 6,293,653.95 6,415,406.70 -1.90%

Personnel Expenses -2,445,331.34 -2,035,651.71 20.13%

Impairment Charges -829,361.78 -2,680,009.41 -69.05%

Operating Profit 3,601,536.40 1,986,918.49 81.26%

Net Profit 2,098,603.03 1,287,075.11 63.05%

Distributable Profit/ (Loss) after P/L Appropriation and Regulatory Adjustments  523,101.77 778,168.99

Capital Adequacy (%) 12.47 12.47 0.00%

NPL (%) 5.88 4.89  

Cost of Fund (%) 3.36 4.49 -25.17%

EPS  (In Rs.) 13.53 8.71 55.29%

Net Worth per Share (In Rs.) 160.51 155.38 3.31%

Qtr end PE Ratio (times) 14.55

Qtr End Market Price 196.9