Mitteri’s profit rises by 60% in Q2, Shangri-la, too, posts 41 percent growth

ShareSansar, February 2:

Mitteri and Shangri-la development banks have reported an impressive growth in their net profit in the second quarter of the current fiscal year 2070/71.

According to the unaudited quarterly report for the second quarter published by Mitteri today, its net profit has risen by a huge 60.29 percent in the second quarter as compared to the corresponding quarter last fiscal year 2069/70.

Mitteri has posted a net profit of Rs 2.18 crore in the second quarter, up from Rs 1.36 in the corresponding quarter last fiscal.

Similarly, Shangri-la has reported a profit rise of 40.96 percent as its net profit rose from Rs 3.32 crore to Rs 4.68 crore.

The growth of both the development banks stems from their core business as evident from their net interest income.

Mitteri has posted a net interest income of Rs 3.83 crore, up from Rs 2.55 crore in the second quarter of the last fiscal. Shangri-la, too, registered a net interest income of Rs 9.40 crore, up from 7.69 crore.

Another encouraging trend of both the development banks is that their non-performing loan have gone down significantly in the second quarter.

Mitteri’s NPL now stands at 0.16 percent, down from 0.64 percent, and Shangri-la’s NPL has also dipped to 1.04 percent as compared to 2.41 percent in the second quarter of the last fiscal.

Mitteri’s EPS (annualized) is at Rs 33.59 and its net worth per share stands at Rs 129.87.

Likewise, Shangri-la’s EPS stands at Rs 29.26 and its net worth per share stands at Rs 149.09.