Nagarik Laghubitta posts net profit of Rs 3.61 lakh in Q1 of 2076/77; Write back of provisions brings the company out of loss

Nagarik Laghubitta Bittiya Sanstha (NAGARIK) has published the unaudited quarterly report for the first quarter of FY 2076/77.

The microfinance company has paid-up capital of Rs. 7 Crore by the end of the first quarter. The company has negative reserves worth Rs. 77.09 Lakhs. The borrowings of the company stands at Rs. 17.86 Crore and the deposits of the company stand at Rs. 3.74 Crore while the loans and advances are worth Rs. 27.28 Crore has been floated by the microfinance.

The company earned Rs. 43.44 Lakhs from net interest by the end of the first quarter, up from Rs. 2.52 Lakhs posted in the corresponding quarter of the previous year.

The company posted an operating loss of Rs. 3.80 Lakhs while the net profit stands at Rs. 3.61 Lakhs. In the corresponding quarter of the previous year, the operating loss and net loss was at Rs. 25.17 Lakhs.

The company posted 0.42% NPL for the end of the first quarter. A provision worth Rs. 13.02 Lakhs was created for possible losses.

First Quarter Report