RMDC’s net profit declines by 41.85% in Q2 due to decline in core business

ShareSansar, May 5:

Rural Microfinance Development Centre Limited (RMDC) has reported a decline of 41.85 percent in the net profit for the second quarter of the current fiscal year 2071/72.

The unaudited second quarterly report the microfinance development bank published today shows that RMDC’s net profit has decline to Rs 6.18 crore in the second quarter, down from Rs 10.64 crore in the corresponding quarter of the last fiscal year.

The decline was mainly due to decrease in its core business activities resulting  lower net interest income and had provisioned Rs 2.48 crore for possible losses. RMDC’s is not able to write back any amount which it has provisioned earlier.

RMDC’s net interest income has decline to Rs 13.07 crore, down from Rs 13.21 crore in the corresponding quarter.

Its EPS (annualized) stands at Rs 23.80 and its net worth per share stands at Rs 316.

The company has paid up capital of Rs 57.20 crore whereas it has Rs 107.11 crore in reserve and surplus account.