First Micro first to publish Q2 report; net profit rises by nearly 20%; NPA at 0

ShareSansar, January 16:

First Microfinance Development Bank Limited (FMDBL) has become the first listed company to publish its unaudited financial report for the second quarter of the current fiscal year 2070/71.

According to the report, the microfinance has made a good profit growth in the second quarter compared to the corresponding quarter of the last fiscal year 2070/71.

Its net profit by the end of the second quarter of the current fiscal year has increased by 19.79 percent to Rs 1.50 crore, up from Rs 1.25 crore during the same period last fiscal year.

Its borrowing, too, increased from Rs 1.35 arba to Rs 1.88 arba.

Similarly, the microfinance’s lending increased to Rs 1.59 arba (including net of general loan loss provision of Rs 16,269) from Rs 88.22 crore.

Its net interest income has also surged in the second quarter compared to the preceding quarter of the last fiscal year, up from Rs 3.16 crore to Rs 2 crore.

Another impressive thing about First Microfinance’s latest financial report is that its non-performing loan remains zero despite such a significant rise in deposit and loan mobilization.

First Microfinance Development Bank is the first company to publish all its quarterly report in the current fiscal year ahead of the rest.