Summit Microfinance reports astounding profit rise by 72.43%; EPS stand at Rs.23.86

Summit Microfinance Development Bank Limited (SMFDB) has reported massive growth in net profit of 72.43 percent for the first quarter of the current fiscal year 2072/73. Publishing the unaudited financial report for the first quarter today, the microfinance has stated that its net profit rose to Rs 84.15 lakh, up from Rs 48.80 lakh reported in the corresponding quarter of the previous fiscal year 2071/72. The microfinance has collected deposits of Rs 24.53 crore in the 1st quarter compared to Rs 15.66 crore in the corresponding quarter last year. Likewise, it extended loans of Rs 64.79 crore up from Rs 41.04 crore.  It has borrowings of Rs 36.38 crore. Summit Microfinance net interest income has risen from Rs 1.25 crore in the corresponding quarter last year to Rs 2.10 crore in the first quarter of 2072/73. It paid up capital remains at Rs 3.52 crore with reserve of Rs 5.06 crore in Q1. The microfinance’s NPL has declined from 0.70 % in in the corresponding quarter.to 0.30% in Q1. Its earning per share (EPS) now stands at Rs 23.86 and net worth per share at Rs 243.50.