Chhimek’s profit rises marginally by 3 %;  Forward’s meteorically by 287%

ShareSansar, February 10:

Chhimek Laghubitta Bikas Bank Limited has reported a marginal rise in its profit in the second quarter of the current fiscal year 2070/71.

According to the unaudited quarterly report published by Chhimek today, the microfinance development bank has stated that it posted a net profit of Rs 4.29 crore, up from Rs 4.14 crore in the corresponding quarter.

Nonetheless, the profit it has posted in the second quarter is remarkable if we compare its profit in the first quarter of the current fiscal year, which stood at merely Rs 1.65 crore.

The profit, though stemmed by Rs 70.89 lakh provisioned for possible losses besides staff and other operating expenses, was the result of its core business.

Its net interest income has risen to Rs 17.88 crore, up from Rs 10.05 crore in the corresponding quarter.

Chhimek mobilized Rs 1.75 arba in deposit and Rs 3.86 arba in loan as compared to Rs 1.53 in deposit and Rs 2.77 in loan in the corresponding quarter.

Its non-performing loan has also gone down from 0.06 percent to 0.04 percent by the end of the second quarter.

Its EPS ratio stands at 20.48 and its net worth per share stands at 153.72.
Another microfinance to publish its unaudited report for the second quarter today is Forward Community Microfinance Bittiya Sansatha Limited.

It has reported an astounding profit rise of 287 percent in the second quarter of the current fiscal year as compared to the previous quarter ending.

Publishing an unaudited quarterly report today, the microfinance development bank based at Duhabi of Sunsari has stated that its net profit has surged from merely Rs 28.41 lakh in the last quarter to 1.10 crore in the second quarter.

What is most striking about the report is that the microfinance with just Rs 7 crore paid-up capital managed to mobilize Rs 1.97 arba in loan in the second quarter.  The amount of loan it mobilized in the last quarter was also quite promising – altogether 1.86 arba.

No wonder the impressive growth ensued due to its core business growth. Forward, which is yet to be listed in the stock market, posted a net interest income of Rs 6.03 crore, up from a little more than 1.5 crore in the previous quarter.

Forward now has reserve and surplus of 1.16 crore, up from just Rs 31.53 lakh in the previous quarter while its non-performing loan has marginally increased to 0.4 percent from 0.01 percent in the last quarter.