Om Finance Ltd reports 67.89% profit rise in Q1

Om Finance Limited’s profit surged by a massive 67.89 percent in the first quarter of the current fiscal year 2070/71 compared to the last corresponding quarter.

The finance company head quartered in Pokhara posted a net profit of Rs 1.08 crore in the first quarter, up from Rs 64 lakh during the same period last year, according the unaudited financial report it has published today.

Its net interest income has increased from Rs 2.27 crore to Rs 3.15 crore though its non performing loan has risen marginally from 0.39 percent to 0.86 percent.

With the increasing profit, the finance company’s reserves and surplus has also surged to Rs 14.8 crore from Rs 8.51 crore in the corresponding quarter.

It mobilized Rs 3.98 arba in deposit in the first quarter compared to Rs 3.31 arba in the corresponding quarter last year.

However, the amount of loan it dispersed in the first quarter has decreased to Rs 3.41 arba, down from Rs  4.47 arba, largely due to fall in overdraft/TR/ WC loans.

ANNOUNCEMENT

-sharesansar