RMDC net profit rises by 34.5 % in Q3 due to core business and write back of Rs 3 crore

ShareSansar, May 5:

Rural Microfinance Development Centre Limited (RMDC) has reported a sturdy growth 34.51 percent in the net profit for the third quarter of the current fiscal year 2070/71.

The unaudited third quarterly report the microfinance development bank published today shows that RMDC’s net profit has risen to Rs 14.50 crore in the third quarter, up from Rs 10.78 crore in the corresponding quarter of the last fiscal year.

The growth was fuelled by its net interest income and the write back of a huge sum it had provisioned for possible losses and its actual operating profit has also increased in the third quarter to 17.95 crore up from Rs 16.94 crore.

RMDC’s net interest income has risen to Rs 19.94 crore, up from Rs 18.21 crore in the corresponding quarter. Similarly, it was able to write back Rs 3.29 crore from the amount provisioned for possible losses.

Its EPS (annualized) stands at Rs 37.20 and its net worth per share stands at Rs 320.

RMDC had reported an impressive growth 35.74 percent in the net profit for the second quarter, too.