Net Profit of United Finance Decreases

Jan 30, 2018 Merolagani

In the second quarter of the current FY, the net profit of United Finance has decreased by Rs 40 million to Rs 10.4 million compared to Rs 57.8 million of the corresponding period of the last FY.

 

Increase in provision of possible loss due to increased non-performing loan, high interest rate on deposits and operating loss has attributed to the decrease in the net profit.

The finance company that has already met the minimum paid-up capital has collected deposit of Rs 5.58 billion and extended loans of Rs 4.61 billion. During the period, the company earned an interest income of Rs 349.9 million and spent Rs 257.2 million in interest expenses.

The company recovered Rs 15.5 million bad debt and has maintained Rs 58 million on provision for possible loss.

Similarly, the bank has non-performing loan of 1.55 percent, EPS of Rs 2.61, net worth per share of Rs 121.32, cost of fund of 9.32 percent, capital fund of 18.26 percent and liquidity ratio of 25 percent.


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