Kathmandu. Miteri Development Bank Limited has earned a net profit of Rs 9.62 crore in the third quarter of the current fiscal year 2082/83. The profit increased by 4.07 percent compared to Rs 9.24 crore in the same period of the previous FY.
Despite the general improvement in profit, the net interest income of the bank has increased significantly. Such income increased by 67.05 percent to Rs 22.15 crore in the review period from Rs 13.26 crore in the same period last year. The increase in interest income and the reduction in costs have had a positive impact on overall income.
During the period, the bank’s deposit increased by 31.88 percent to Rs 8.58 billion while loans and loans increased by 32.27 percent to Rs 6.84 billion. However, the loan loss has increased to Rs 2.25 crore.
Operating profit has also improved slightly. The bank earned an operating profit of Rs 13.74 crore as against Rs 13.20 crore in the previous year. However, the net profit declined to Rs 10.07 crore and the reserve fund reached Rs 37.83 crore.
The capital adequacy ratio has come down to 24.71 percent from 34.19 percent in the previous year. Non-performing loans are limited to 0.48 percent. In addition, the cost of funds decreased to 4.52 percent from 5.61 percent in the previous year.
The bank’s annual earnings per share stood at Rs 10.54. The net worth per share declined by 1.43 per cent to Rs 139.36. At the end of the third quarter, the bank had a market value of Rs 621.90 and a price-to-earnings ratio of 59 times.
