Best Finance posted net profit of Rs 2.35 crore after write back of loan loss provision by Rs 2.66 crore

Best Finance Limited (BFC) has reported outstanding rise in net profit by 1788.95% in the first quarter of the FY 2074/75. As per the unaudited financial statement published by the finance today, its net profit rose to Rs 2.35 crore from net loss of Rs 13.93 lakh in the corresponding quarter of the FY 2073/74. It has collected deposits of Rs 12.12 crore and floated loans of Rs 19.01 crore. It has paid up capital of Rs 22.01 crore with negative reserve of Rs 9.19 crore in Q1. Its paid up capital after recently issued 125% right shares will reach to Rs 29.75 corore. Its net interest income surged to Rs 26.19 lakh in the Q1, from Rs 2.96 lakh in the corresponding quarter of the previous fiscal year. Best Finance non-performing loan (NPL) has dropped from 99.74 % in the corresponding quarter to 83.88 % in first quarter. It has write back Rs 2.66 crore which is the main reason behind the growth in net profit. Its Earning per Share (EPS) stood at Rs 10.68, net worth per share is at Rs 58.23 and P/E ratio at 15.63 times. Recently, Best Finance has signed MOU with Synergy Finance Limited (SYFL) for acquisition process.