Miteri Development Bank Limited has published its unaudited financial statements for the fourth quarter of the last fiscal year, showing a moderate increase in net profit and a significant improvement in net interest income.
Miteri Development Bank Limited has released its unaudited financial reports for the fourth quarter of the last fiscal year. According to these reports, the bank’s net profit saw an increase of 8.98%, reaching Rs 14 crore 12 lakh 15 thousand. This is up from the Rs 12 crore 95 lakh 74 thousand net profit recorded in the same period of the previous year.
The rise in the bank’s profit can be attributed to an increase in operating income. However, during the review period, impairment charges, which were a reversal of Rs 21 lakh 70 thousand previously, now stand at Rs 1 crore 60 lakh 63 thousand.
Key Financial Highlights
By the end of the fourth quarter, the bank’s net interest income grew significantly by 50.26%, reaching Rs 30 crore 74 lakh. Similarly, operating income saw a rise of 13.15%, totaling Rs 35 crore 09 lakh. Operating profit also improved by 8.63%, now standing at Rs 20 crore 17 lakh.
The bank’s non-performing loan (NPL) ratio come down by 0.02 percentage points, settling at 0.26%. This signals a further improvement in the quality of its loan portfolio. During this period, the bank successfully collected deposits amounting to Rs 8 arba 85 crore and disbursed loans worth Rs 6 arba 69 crore. Compared to the previous year, deposits grew by 36.07% and loans increased by 29.25%.
Profitability and Shareholder Returns
Miteri Development Bank has a distributable profit of Rs 15 crore 48 lakh 66 thousand. Based on this, the distributable earnings per share (EPS) is Rs 12.73. However, when compared to the previous year, the distributable profit decreased by 5.01%, and distributable EPS fell from Rs 13.40. This suggests a slight pressure on the bank’s capacity to pay dividends.
The bank’s paid-up capital during the review period was Rs 1 arba 21 crore 71 lakh, and its reserve fund reached Rs 37 crore 8 lakh. Earnings per share (EPS) increased from Rs 10.65 to Rs 11.60, while the net worth per share is reported at Rs 143.20.
Other Important Indicators
Looking at other financial indicators, the bank base rate reduced from 7.36% to 5.98%. The interest rate spread also narrowed from 4.60% to 4.37%. The loan-to-deposit (LDR) ratio improved, falling from 89.62% to 81.39%. Additionally, the capital fund ratio remained stable at 25.75%.
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