Progressive Finance profit stands at Rs 95.77 lakhs; NPA decline to 1.71%
Sun, Jan 18, 2015 12:00 AM on Financial Analysis,
ShareSansar, January 18:
Progressive Finance Limited (PROFL) net profit rose by 3910.79% percent in the second quarter of the current fiscal year 2071/72.
According to an unaudited second quarterly report of the finance company, its net profit rose to Rs 95.77 lakh, up from Rs 2.38 lakh in the corresponding quarter last fiscal year.
The company has been able to collect Rs 32.98 crore in deposits and has mobilized Rs 27.08 crore in loan and advances compare to Rs 25.91 crore deposits and Rs 24.62 crore loans during the corresponding quarter last fiscal year.
Progressive Finance net interest income has surged to Rs 1.72 crore from Rs 28.55 lakh in the same period and able to write back Rs 4.14 crore from provision of possible losses account.
Its non-performing loan (NPL) has decreased drastically to 1.71 percent from 19.07 percent in the corresponding quarter, which is a very good sign.
Nonetheless, its EPS stands at Rs 7.98 and it’s per share net worth is Rs 89.68.
