Om Finance posts 29% growth in net profit by Q4, but NPL rises by over a percent

ShareSansar, August 4:

Om Finance Limited has reported 29 percent growth in net profit in the last fiscal year 2070/71.

According to the unaudited financial report for the fourth quarter published today, the finance company headquartered in downtown Kathmandu has stated that its net profit has risen to Rs 9.01 crore up from Rs 7.03 crore at the end of the previous fiscal year 2069/70.

Om’s net interest income surged to Rs 21.19 crore at the end of the fourth quarter from Rs 1.64 crore at the end of the previous quarter.

Its deposit mobilization grew to Rs 4.50 arba from Rs 3.76 arba and the loan mobilization increased to Rs 3.42 arba from Rs 3.23 arba.

Om came up with an impressive profit despite provisioning Rs 14.15 crore by the end of the fourth quarter.

However, its NPL has risen by more than a percent – from 0.26 percent to 1.55 percent by the fourth quarter.