Mirmire Microfinance Q1 earnings shoot through the roof; profit surges by 147% to Rs 27.66 lakh

Mirmire Microfinance Development Bank (MMFDB) has posted an outstanding net profit rise of 147.51% in the current fiscal year 2072/73. The net profit of the company rose to Rs 27.66 lakh in Q1 up from Rs 11.17 lakh in the corresponding quarter of the previous fiscal year 2071/72. Publishing the unaudited financial report for the fourth quarter today, the microfinance institution has stated that its operating profit has surged to Rs 42.44 lakh in Q1, up from Rs 6.97 lakh in the corresponding quarter of the last fiscal year. Its net interest income surged to Rs. 83.58 lakh up from Rs 5.38 lakh in the corresponding quarter. The micro finance institution’s borrowing remains to be Rs 20.85 crore and has collected Rs 4.05 crore in deposits. Likewise, it has extended loans and advances of Rs 25.65 crore in Q1 of FY 2072/73 whereas in the same period last year the figure stood at Rs. 12.26 crore. Mirmire has a paid up capital of Rs 2 crore and has Rs1.09 crore in reserve and surplus.  Its non- performing loan (NPL) decreased from 3.70% to 1.70% in the first quarter of the current fiscal year. MMFDB’s  annualized EPS now stands at Rs 55.32, its net worth per share stands at Rs 155 while the P/E ratio stands at 9.94 times.