Sana Kisan’s net profit rises by 30%; Chhimek reports 16% net growth

ShareSansasar, May 4:

Two of the major microfinance institutions of the country have reported steady profit rise in the third quarter of the current fiscal year 2070/71.

Sana Kisan Bikas Bank Limited has posted a net profit rise of  30 percent in the third quarter of the current fiscal year.

Publishing the unaudited financial report for the third quarter today, the microfinance development bank has stated that its net profit has surged to Rs 7.66 crore by the quarter end, up from Rs 5.89 crore in the corresponding quarter of the last fiscal year 2069/70.

Its net interest income rose to Rs 16.12 crore in the third quarter from Rs 12.50 crore in the corresponding quarter.

It mobilized Rs 4.58 arba in borrowing and released Rs 4.51 arba in loan as compared to Rs 3.48 arba it had borrowed from BFIs in the third quarter of the last fiscal year and Rs 3.30 arba it had mobilized in loan.

It managed to post hefty profit growth despite provisioning Rs 1.43 crore for possible losses.

Another encouraging aspect of Sana Kisan’s balance sheet is that its non-performing loan has dropped to 0.51 percent by the end of the third quarter, down from 0.88 percent in the corresponding quarter.

Sana Kisan’s EPS is now stands at Rs 44.20 and its net worth per share stands at Rs 357.33.

Chhimek Laghubitta Bikas Bank Limited has also reported 16 percent rise in its net profit in the third quarter.

According to the unaudited quarterly report published by Chhimek today, the microfinance development bank has registered a net profit of Rs 8.02 crore, up from Rs 6.94 crore in the corresponding quarter.

Nonetheless, the profit it has posted in the third quarter is remarkable if we compare its profit in the first two quarters of the current fiscal year, which stood at merely Rs 1.65 crore by the end of the first quarter and Rs 4.29 by the end of the second.

The profit, though stemmed by Rs 1.18 crore the MFI provisioned for possible losses besides staff and other operating expenses, was the result of its core business.

Its net interest income has risen to Rs 28.44 crore, up from just Rs 16 crore in the corresponding quarter.

Chhimek mobilized Rs 1.78 arba in deposit and Rs 4.31 arba in loan as compared to Rs 1.56 arba in deposit and Rs 3.01 arba in loan in the corresponding quarter.

Its non-performing loan has also gone down from 0.06 percent to 0.04 percent by the end of the third quarter.

Its EPS stands at 38.17 and its net worth per share stands at 153.70.