Mirmire Microfinance profit aces by 34.17% to Rs 80.98 lakh in Q3; NPL rises from 1.55% to 2.25%

Mirmire Microfinance Development Bank (MMFDB) has posted net profit rise of 34.17% in the current fiscal year 2072/73. The net profit of the company rose to Rs 80.98 lakh in Q3 up from Rs 60.35 lakh in the corresponding quarter of the previous fiscal year 2071/72. As per the unaudited financial report for the third quarter published yesterday, the microfinance institution has stated that its operating profit has surged to Rs 1.19 crore in Q3, up from Rs 70.22 lakh in the corresponding quarter of the last fiscal year. Its net interest income surged to Rs. 2.63 crore in current quarter up from Rs 1.44 crore  in the corresponding quarter. The micro finance institution’s borrowing remains to be Rs 27.48 crore and has collected Rs 6.43 crore in deposits. Likewise, it has extended loans and advances of Rs 32.91 crore in Q3 of FY 2072/73 whereas in the same period last year the figure stood at Rs. 20.90 crore. Mirmire has a paid up capital of Rs 2 crore and has Rs1.91 crore in reserve and surplus.  Its non- performing loan (NPL) increased from 1.55% to 2.25% in the third quarter of the current fiscal year. MMFDB’s  annualized EPS now stands at Rs 53.99, its net worth per share stands at Rs 196 while the P/E ratio stands at 48.16 times.