Progressive Finance in Profit

Apr 30, 2019 Merolagani

Progressive Finance (PROFL) has earned a net profit of Rs 29.1 million in the third quarter of the current FY compared to Rs 9.7 million loss of the corresponding period of the last FY.

Increase in its net interest income by 120 percent and recovery of Rs 30.4 million in bad debt pulled the company to the profit.

The company with Rs 712.1 million in paid-up capital has reserve fund of Rs 42.5 million. In the review period, the company collected deposit of Rs 827.2 million and extended loan of Rs 884.4 million.

In the review period, the company earned Rs 41.2 million in net interest income. The interest income increased by 120 percent compared to Rs 18.7 million of the review period of the last FY.

The company has bad debt of 3.39 percent, EPS of Rs 4.10, net worth per share of Rs  105.97 and P/E ratio of 30.1 times.  

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