Similarly, the company also strengthens its reserve fund during the period. The company with Rs 150.8 million in paid-up capital has a reserve fund of Rs 241.2 million. In the review period, the company doubled its reserve fund from Rs 122.8 million of the review period of the previous FY.
The company increased its net profit by 53.28 percent to Rs 131.4 million compared to Rs 85.7 million of the previous FY. The growth in net profit is attributed to increase in operating profit, net interest income, other operating income and regular operation.
However, the slight increase in bad debt has raised its provision for possible losses. The bad debt of the company has increased to 1.43 percent from earlier 0.92 percent, resulting, Rs 31.7 million provision in possible losses.
During the period, the company collected deposit of Rs 1.28 billion, borrowed Rs 2.28 billion and extended loan of Rs 3.66 billion. The company increased its net interest income by 54.5 percent to Rs 26.6 million during the period.
