Everest Finance reports net loss of Rs 48.33 lakh in Q1; heavy provisioning leads to loss

ShareSansar, November 2:

Everest Finance Ltd has reported a net loss of Rs 48.33 lakh in the first quarter of the current fiscal year compared to the loss of Rs 44.41 lakh in the corresponding period of the last year.

The Rupandehi-based finance company went into loss mainly due to the heavy provisioning for the possible losses in the review period.

The finance company set aside Rs 60.74 lakh as provision for possible loss in the first quarter of the current fiscal year.

The finance company’s net interest income has, however, observed a healthy growth.

The net interest income of the Everest jumped to Rs 57.93 lakh in the first quarter compared to the net interest income of Rs 27.19 lakh in the same period of the last fiscal year.

The finance company’s per share net worth is at Rs 12.4.