First Microfinance first to publish Q4 report; net profit rises by nearly 50%

ShareSansar, July 17:

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

According to the report, the microfinance bank has made a hefty profit in the fourth quarter compared to the corresponding quarter of the last fiscal year 2069/70.

Its net profit by the end of the fourth quarter of the current fiscal year has increased by 49.7 percent to Rs 2.56 crore, up from Rs 1.71 crore during the same period last fiscal year.

Its borrowing, too, increased from a little more than Rs 1 arba to Rs 1.43 arba.

Similarly, the microfinance’s lending increased to Rs 1.2 arba (including net of general loan loss provision of Rs 1.21 crore) from Rs 75.85 crore.

Its net interest income has also surged in the fourth quarter compared to the preceding quarter of the last fiscal year, up from Rs 3.35 crore to Rs 4.62 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 MFI to publish all its quarterly report in the current fiscal year ahead of the rest.