Global IME Bank Limited (GBIME) has reported a 24.49% growth in net profit for the first quarter of FY 2083/84, reaching Rs. 2.31 Arba compared to Rs. 1.86 Arba in the corresponding quarter of the previous fiscal year. The bank's paid-up capital increased by 4% to Rs. 39.64 Arba, while reserves grew by 2.91% to Rs. 27.97 Arba. Retained earnings declined by 52.06% to Rs. 2.07 Arba.
During the quarter, total deposits increased by 3.11% to Rs. 6.90 Kharba, while loans and advances grew by 7.49% to Rs. 4.72 Kharba. Net Interest Income increased by 1.46% to Rs. 4.19 Arba. Personnel expenses rose by 6.91% to Rs. 1.41 Arba, while impairment charges declined significantly by 51.70% to Rs. 48.83 Crores. Operating profit subsequently increased by 35.88% to Rs. 3.22 Arba.
The bank's distributable profit after profit/loss appropriation and regulatory adjustments stood at Rs. 2.07 Arba, compared to Rs. 4.85 Arba in the corresponding quarter. The capital adequacy ratio stood at 11.32%, while the Non-Performing Loan (NPL) ratio improved slightly to 4.79% from 4.98%. The cost of funds declined to 3.26% from 3.92%.
Global IME Bank's Earnings Per Share (EPS) increased by 19.70% to Rs. 23.35 from Rs. 19.51 in the corresponding quarter. However, net worth per share declined by 3.76% to Rs. 175.77 from Rs. 182.63. The bank's quarter-end PE ratio stood at 10.88 times, while its quarter-end market price was Rs. 254 per share.
* Figures are of Immediate Previous Year Quarter Ending
