First Microfinance posts hefty profit in Q1

ShareSansar, October 21:

First Microfinance Development Bank Limited has published its unaudited financial report for the first quarter of the current fiscal year 2070/71.

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

Its net profit by the end of the first quarter of the current fiscal year has increased by 114.07 percent to Rs 59.32 lakh, up from Rs 27.71lakh during the same period last fiscal year.

Its borrowing increased from Rs 7.94 crore to Rs 8.88 crore.

Its net interest income has also almost doubled in the first quarter compared to the preceding quarter of the last fiscal year, up from Rs 62.61 lakh to Rs 1 crore.

The microfinance lending increased to Rs 88.58 crore from Rs 48.02 crore.

Its net worth stands at Rs 113.86, up from Rs 108.64 and the EPS at Rs 5.93, up from Rs 2.77.

First Microfinance Development Bank is the first BFI to publish its financial report in the current fiscal year.