Mero Microfinance net profit rise by whopping 1325 %; to issue IPO of 6,12,000 Kitta shares within 2 months

ShareSansar, August 5:

Mero Microfinance Bittiya Sanstha Limited stated astounding increase of 1325 percent in its net profit for the fourth quarter of the last fiscal year 2071/72.

In the unaudited financial report for the fourth quarter published today, the microfinance has reported that its net profit has increased to Rs 4.12 crore in Q4 of FY 2071/72 from Rs 28.93 lakh as compared to the corresponding quarter of the last FY 2070/71.

The company net interest income has risen to Rs 9.34 crore in Q4 from Rs 1.19 crore in previous fiscal year.

The microfinance has mobilized Rs 10.19 crore in deposits as compared to Rs 1.57 crore of corresponding quarter whereas the loan & advances has also extended to Rs 1.17 arba from Rs 40.71 crore in corresponding previous quarter.

Its non-performing loan (NPL) is nil, earning per Share (EPS) stands at Rs 29.71 and net worth per share at Rs 131.74. The paid up capital of the company remains at Rs 13.88 crore in Q4 of FY 2071/72.

Mero Microfinance is a national level microfinance company promoted by 8 commercial banks and 2 development banks is planning to issue 6, 12,000 Kitta  primary shares (IPO) to the general public within Asoj, 2072.

Ram Hari Dahal, CEO of Mero Microfinance said, “The initial public offering (IPO) of Mero Microfinance will be floated in first quarter of the fiscal year 2072/73.”

The credit rating work of the IPO is being carried out, added Dahal.

Global IME Capital Limited has already been appointed as the issue manager for the IPO.

The company with 15 branch office situated in 10 districts has lent Rs 40 crore to more than 13,000 customers.