First Microfinance publishes 2nd quarter report; profit hikes by 41.5%

First Microfinance has published its 2nd quarter report for the fy 2074/75. This wholesale microfinance has again become the 1st company to publish its quarterly report. 

As of the published report, FMDBL has earned a net profit of Rs 4.76 crores. The profit was Rs 3.36 crores in the corresponding quarter of last fiscal year. The comany has successfully increased its net profit by 41.5% throughout the period. The company's operational profit has grown to Rs 7.49 crores, up from Rs 5.29 crores. This also accounts an increase of 41.5%. 

The microfinance increased its net interest income to Rs 8.05 crores, up from Rs 5.90 crores in the corresponding quarter of the last fiscal year. This shows an upsurge of 36.41%. 

The average cost of fund increased to 9.56% from 4.97% in the corresponding quarter of last fiscal year. A minor decline in the ratios such as EPS and Networth is also noticed. However, increase of 57.26% in noticed in the reserve of the company. 

 Being a wholesale microfinance fmdbl needed to hike its paid up capital to Rs 60 crores by mid-july 2018. First microfinance is in a process to float a right share of 50%. The Capital will surge to Rs 68.43 crores post issue.