Araniko Development & Miteri Development profit rises by 62.18% & 43% respectively in Q3 of FY 2072/73

Araniko Development Bank Limited (ARDBL) has reported a profit rise of 62.18% in the third quarter of the current fiscal year 2072/73. According to the unaudited quarterly report for the third quarter today, the development bank has stated that it earned a net profit of Rs 3.58 crore in the third quarter, up from Rs 2.21 crore in the corresponding quarter of the previous year 2071/72. In the third quarter, the bank’s net interest income has risen to Rs 6.69  crore, up from Rs 5.92 crore in the corresponding quarter. It also mobilized Rs 1.88 arba in deposits and Rs 1.71 arba in loans as compared to Rs 1.22 arba in deposits and Rs 1.23  arba in loans reported in the corresponding quarter last year. The development bank had trimmed down its non-performing loan to 1.84% in the Q3 of 2072/73 from 3.06% in the corresponding quarter of previous year. Its CD ratio stands at 78.43%. Its EPS (annualized) now stands at Rs 18.56 and its net worth per share is priced at Rs 125.27. Meanwhile, Miteri Development Bank Limited (MDB)  has posted 43% growth in net profit for the third quarter of the current fiscal year 2072/73. Publishing the unaudited financial report for the third quarter today, the development bank stated that its net profit rose to Rs 6.47 crore, up from Rs 4.52 crore in the corresponding quarter of the last fiscal year 2071/72. The bank has mobilized deposits of Rs 2.04  arba in the third quarter of the ongoing fiscal year compared to Rs 1.44  arba in the corresponding quarter of last fiscal year. Likewise, it extended loans of Rs 1.85 arba, up from Rs 1.32 arba. Miteri Development  Bank’s interest income has risen from Rs 7.49 crore in the corresponding quarter last year to Rs 10.83 crore in the third quarter of 2072/73. It posted an operating profit of Rs 10.09 crore. The bank has managed to lower its NPL from 0.81% in the third quarter of the last fiscal to 0.36% this year. Its EPS (annualized) now stands at Rs 40.83, net worth per share at Rs 150.93, and CD ratio at 79.28%.