Profit of First Microfinance boosted by 66% in first quarter of FY

Kathmandu October 28- First Micro finance Development Bank has succeed to earn net profit of Rs. 11 million in first quarter of FY 2072/71  which is 66.53% growth than last year. Bank had earned net profit of Rs. 6.6 million during the same period last year.

Although operating and human resource expenses of the bank are in increasing trend, bank has managed to equivalent them with significant increase in interest and operation income. Reserve amount  of the bank has reached Rs. 34.9 million which was Rs.24.6 million last year. Bank has risen its lending by 42.15% to Rs. 2 billion 29 million 700 thousands which was Rs. 1 billion 427 million 800 thousands last year.  Bank's net interest income boosted by 43.74% to Rs. 22 million where net interest income heightened  by 52.56% and interest expenses grew by 63.58%.

Likewise, operational profit of the bank increased by 66.53% to Rs.17 million 300 thousands. It was Rs. 10 million 400 thousands during the same period last year.

EPS of the bank is Rs.  4.81 while P/E ratio stands on 126.61 times. Similarly, risky asset of bank has increased by 8% to 13.23%.

According to bank, it will distribute 15%bonus share and 0.79% cash dividend from last year's profit after the annual general meeting which is helding in 18 November. Earlier BOD meeting of the bank held on October 16.