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MIthila Microfinance Devt Bank's Net Profit Increases 73%

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MIthila Microfinance Devt Bank's Net Profit Increases 73%
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May 2: According to the third quarter financial report of current fiscal year, the net profit of Mithila Microfinance Development Bank has increased by 72.97 percent. The growth in net profit of the bank has been attributed by increase in net interest income and operating profit by 82.86 percent and 72.95 percent respectively. The bank has already distributed 20 percent bonus shares endorsed by its AGM on January.

The reserve fund of the bank has been increased by 66.55 percent in compare to same period of last FY. In compare to paid-up capital, net profit has increased by 15 percent to 22 percent. The bank has collected Rs 196 million deposits and has flowed Rs 272.9 million loans. Similarly, the interest income of the bank has increased by 88 percent to Rs 34.8 million and interest expenses has increased by two folds to Rs 9.42 million.

Likewise, the employee expenses, other operating expenses and net operating income have increased by 90 percent, 37.70 percent and 61 percent respectively. The fixed asset of the bank has increased by 19.71 percent to RS 4.31 million and other assets have increased by 13.55 percent to Rs 5.79 million.

Meanwhile, the bank has kept Rs 3.80 million in provision for possible losses. The capital fund expenditure of the bank is of 4 percent and capital fund adequacy is of 11 percent. As per the third quarterly report, EPS of the bank is at Rs 23 and P/E ratio is of 113 times. 

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