Most awaited Forward Microfinance IPO by next year, earns Rs 2.18 crore in Q1

ShareSansar, November 21:

Sunsari Based-Forward Community Micro Finance Bittiya Sanstha Limited stated that it’s earned Rs 2.18 crore in the first quarter of the fiscal year 2071/72.

Net interest income of the bank increased to Rs 6.63 crore, up from Rs 1.55 crore in the previous year, which shows that the company is able to increase its business this quarter.  

The bank able to collect Rs 94.83 crore in deposits and borrowed Rs 1.45 arba and extended a total loan of Rs 1.87 arba in this fiscal year.  It has also provisioned Rs 12.54 lakh for the possible losses during the published period.

Forward Microfinance annualized EPS is at Rs 83.30 and its net worth per share at Rs 173.36.

Company Secretary of the microfinance informed Sharesansar that the company is planning to issue IPO share worth Rs 4.5 crore in the next fiscal year.

The existing paid up capital of the microfinance is Rs 10 crore and the ownership of Grameen Mahila Bikas Manch stands 37.5%, Everest Bank Limited 37.5%, Rural Micro Finance Development Center (RMDC) 15% and the remaining 10% shares are owned by the different individual investors.

FORWARD started it has initiated micro finances operations in December 2002, although it had started micro credit program in March1997. Almost 40% clients consist of hard core poor women (ultra poor) from Dalit / tribal community of eastern Nepal of Sunsari and Morang and other 6 districts of the Koshi zone. The micro finance loan follows in animal husbandry (livestock's), agriculture, trading and rickshaw pulling and other small industries. FORWARD follows "Grameen" Methodology with slight variations. It has excellent growth trend outreach of 52,760  members and 38,515 active borrowers organized in to 2,110 center units 10,552 groups as on mid Jan 2010.