Summit micro finance net profit upswings by   39.57 % in Q3

Summit Microfinance Development Bank has reported net profit increment by 39.57% for the third quarter of the fiscal year 2072/73. The finance company earned Rs 2.64 in Q3 of the current fiscal year compared to the net profit Rs 1.89 crore of the corresponding quarter of the previous fiscal year. Publishing the unaudited financial report for the third quarter today, the microfinance company has stated that its has borrowings of Rs 42.85 crore in Q3.The borrowing increased from Rs 29.33 crore of the previous year corresponding quarter. Summit Micro Finance has collected deposit amount of Rs 30.53 crore and mobilized loans of Rs 72.30 crore in Q3. The  deposit and loan and advance figure stood at Rs 19.97 crore and Rs 54.18 crore respectively in last year corresponding quarter. The microfinance company’s net interest income increased to Rs 6.37 crore from Rs 4.45 crore in the Q3 of FY 2072/73.Its operating profit increased to Rs 4.15 crore . Summit Micro Finance’s paid up capital remains Rs 5crore with reserve of Rs  6.32 crore in Q3. Its Non Performing Loan dropped to 0.25% from 0.42%. Its EPS now stands at Rs 52.89, net worth per share at Rs 226.50, and P/E ratio at 47.65 times.