Miteri Development Bank reports 31% rise in net profit; EPS at Rs 27.88

Miteri Development Bank (MDB) has registered a net profit growth of 31.40% in the second quarter of the current FY 2073/74. According to the unaudited financial report published by the development bank today, its net profit has increased to Rs 5.21 crore in second quarter, up from Rs. 3.97 crore in the corresponding quarter of the previous fiscal year. MDB’s net interest income has risen to Rs 8.88 crore in Q2 as compared to Rs. 6.84 crore in the corresponding quarter of the last fiscal year. As of Q2, it has a paid up capital of Rs 37.43 crore with a reserve of Rs 12.56 crore. The bank also collected deposits of Rs. 2.38 arba in Q2, up from Rs 1.90 arba in the corresponding period last year. Likewise, it has extended loans and advances of Rs. 2.16 arba in Q2 whereas in the same period last year, the figure stood at Rs 1.70 arba. As a 3-district level development bank, it needs to meet a capital of Rs 50 crore by the end of FY 2073/74.  It had recently distributed a bonus of 30% and issued a right of 50%. It needs to increase its capital by a further 33% to meet the minimum paid up capital requirement. MDB’s annualized Earnings per Share (EPS) has increased to Rs 27.88 per share, net worth at Rs 133.57 per share with a P/E ratio at 17.75 times.