Summit Bank has finally made a profit of Rs. 497 million in the second quarter of 2022.
According to the financial results, the bank had reported a loss of Rs. 181 million in the same period last year and Rs. 672 million in the first half of 2022. The bank’s earnings per share in the quarter stood at Rs. 0.19 as compared to a loss per share of Rs. 0.07.
The bank is required to maintain Minimum Paid-up Capital (net of losses) (MCR) of Rs. 10 billion, Capital Adequacy Ratio (CAR) at 11.50 percent (inclusive of a Capital Conservation Buffer of 1.50 percent), Leverage Ratio (LR) at 3.00 percent, Liquidity Coverage Ratio (LCR) at 100 percent and Net Stable Funding Ratio (NSFR) at 100 percent as of March 31, 2022. However, the paid-up capital of the Bank (net of losses), CAR, and LR are negative.
The management of the bank is making its best efforts to comply with applicable capital requirements through an increase in capital through capital injection at the earliest.
The bank is operating through its 179 Conventional Banking Branches and 14 Islamic Banking Branches across the country.
