Swabalamban reports massive profit rise of 231% in Q3

ShareSansar, May 4:

Swabalamban Bikas Bank has posted a huge profit rise of 231 percent in the third quarter of the current fiscal year 2070/71.

Publishing the unaudited financial report for the third quarter Saturday, the microfinance development bank has stated that its net profit has surged to Rs 10.76 crore by the quarter end, up from Rs 3.25 crore in the corresponding quarter of the last fiscal year 2069/70.

Its net interest income rose to Rs 37.45 crore in the third quarter from Rs 26.79 crore in the corresponding quarter.

It mobilized Rs 1.47 arba in deposit and Rs 3.62 arba in loan as compared to Rs 1.11 arba in deposit and Rs 2.23 arba it had mobilized in loan in the corresponding quarter.

Swabalamban has provisioned Rs 67.71 lakh for possible losses by the end of the third quarter.

It may also be noted that Swabalamban has been able to drastically reduce its non-performing loan from 2.44 percent to 0.55 percent—which is a huge achievement by any standard.

Swabalamban’s  EPS now stands at an impressive 95.78 and its net worth per share stands at 295 while the P/E ratio is 16.04.