Nagarik Laghubitta reports net loss of almost Rs.60 Lakhs by the end of the third quarter despite sharp growth in net interest income

Nagarik Laghubitta Bittiya Sanstha (NAGARIK) has published the unaudited quarterly report for the third quarter of FY 2075/76.

The microfinance company has paid up capital of Rs. 7 Crore by the end of the third quarter. The company has negative reserves worth Rs. 31.56 Lakhs. The borrowings of the company stand at Rs. 9.20 Crore and the deposits of the company stand at Rs. 1.76 Crore while the loans and advances are worth Rs. 16.39 Crore.

The company earned Rs. 36.18 Lakhs from net interest by the end of the third quarter, up from Rs. 3.45 Lakhs posted in the corresponding quarter of the previous year. The company posted an operating loss of Rs. 65.27 Lakhs while the net loss stands at Rs. 59.72 Lakhs. In the corresponding quarter of the previous year, the operating loss and net loss was at Rs. 11.61 Lakhs.

The company posted nil NPL for the end of the third quarter. A provision worth Rs. 20.81 Lakhs was created for possible losses.