Lalitpur Finance’s Q2 profit rise by 130% owing to massive write back of Rs 32.8 crore

ShareSansar, February 11:

Lalitpur Finance Company, one of the financial institutions that has been steadily growing over the recent months, has reported a remarkable profit growth of 130 percent in the second quarter of the current fiscal year 2070/71.

According to the unaudited quarterly report Lalitpur Finance has published today, it earned an impressive net profit of Rs 36.17 crore in the second quarter, up from Rs 15.74 crore in the corresponding quarter of the last fiscal year.

A massive sum of Rs 32.88 crore that the finance company managed to write back as well as its core business fuelled the growth.

Its net interest income surged to Rs 4.14 crore, down from merely 46.83 crore in the corresponding quarter.

This despite the fact that Lalitpur Finance mobilized lesser deposit and loan in the second quarter as compared to the corresponding one.

It mobilized Rs 1.28 arba in deposit and Rs 1.24 in loan in the second quarter while it had mobilized Rs 1.40 arba in deposit and Rs 1.59 arba in loan in the second quarter of the last fiscal.

Its non-performing loan has, however, increased to 42.60 percent, up from 24.37 percent in the corresponding quarter.

Its EPS and net worth per share stand at Rs 45.77 and Rs 192, respectively.