RMDC, too, posts net profit growth of 35.7 % in Q2 –thanks to write back of amount provisioned for loss

ShareSansar, February 3:

Rural Microfinance Development Centre Limited (RMDC) has reported an impressive growth 35.74 percent in the net profit for the second quarter of the current fiscal year 2070/71.

The unaudited second quarterly report the microfinance development bank has published today shows that RMDC’s net profit has risen to Rs 10.64 crore in the second quarter, up from Rs 7.84 crore in the corresponding quarter of the last fiscal year.

The growth was supported by its net interest income and the write back of a huge sum it had provisioned for possible losses even though its actual operating profit fell down marginally in the second quarter to Rs 11.88 crore, down from 11.90 crore.

RMDC’s net interest income has risen to Rs 13.21 crore, up from Rs 12.50 crore in the corresponding quarter. Similarly, it was able to write back Rs 3.29 crore from the amount provisioned for possible loss.

Its EPS (annualized) stands at Rs 40.94 and its net worth per share stands at Rs 312.13.