First Microfinance posts huge profit of 88% in Q3

ShareSansar, April 16:

First Microfinance Development Bank Limited has published its unaudited financial report for the third quarter of the current fiscal year 2070/71—the first such report by any MFI.

According to the report, the microfinance bank has made a hefty profit in the third quarter compared to the corresponding quarter of the last fiscal year 2069/70.

Its net profit by the end of the third quarter of the current fiscal year has increased by 88 percent to Rs 1.95 crore, up from Rs 1.07 crore during the same period last fiscal year.

Its borrowing, too, increased from Rs 97.78 crore to Rs 1.04 arba.

Similarly, the microfinance’s lending increased to Rs 1.05 arba (including net of general loan loss provision of Rs 1.07 from Rs 61.08 crore.

Its net interest income has also almost surged drastically in the third quarter compared to the preceding quarter of the last fiscal year, up from Rs 2.16 crore to Rs 3.23 crore.

Another impressive thing about First Microfinance is that its non-performing loan remains zero despite such a significant rise in deposit and loan mobilization.

First Microfinance Development Bank is the first MFI to publish its first, second and now the third quarterly report in the current fiscal year.