Laxmi Laghubitta on the verge of breakeven; net loss drops by 88 % in Q2

ShareSansar, February 4:

Laxmi Laghubitta Bittiya Sansthan Limited has managed to reduce its loss by an impressive 87.91 percent in the second quarter of the current fiscal year 2070/71 as compared to the corresponding quarter of the last fiscal year.

The unaudited report published by the microfinance development bank today shows that its net loss has dropped to Rs 1.4 lakh, down from Rs 11.58 lakh in the corresponding quarter last fiscal.

It may be noted here that Laxmi Laghubitta’s net loss stood at Rs 6.16 lakh by the previous quarter ending.

Laxmi Laghubitta’s growth was propelled by its core business as evident from its net interest income, which surged to 88.74 lakh, down from just Rs 32.32 lakh in the corresponding quarter.

It mobilized Rs 3.65 crore in deposit and Rs 15 crore in loan, up from Rs 3.28 crore in deposit and Rs 23.66 crore in loan in the corresponding quarter.

It has also provisioned Rs 7.17 lakh for possible losses.