Cyc Nepal Laghubitta Bittiya Sanstha Finincial reports :
Cyc Nepal Laghubitta Bittiya Sanstha has made public its second quarter financial statement of the current fiscal year on Tuesday. According to the financial statement, the company’s profit has increased by 60 percent in the same period of the current fiscal year as compared to the second quarter of the previous fiscal year.
The company had a net profit of Rs. 36.336 million in the corresponding period of the previous year. It has reached 58.16 million. In the second quarter of the current fiscal, the company’s net interest income increased to Rs. The company’s management has succeeded in raising Rs 64.2 million in bad loans, which has helped increase profits.
The company’s operating profit fell 23 percent in the second quarter. In the second quarter of last year, the company’s operating profit was Rs. 36.24 million in the corresponding period of the previous year. It has dropped to 64.2 million. Similarly, the company’s paid-up capital is Rs. 82.18 million while Rs. 15.28 million 29 thousand has been accumulated.
By the second quarter of the current fiscal, the company had raised Rs. 1 billion 192 million borrowed, Rs. 1 billion 114.1 million by collecting deposits. It has invested Rs 2.77 billion in loans. The company is also preparing to issue an IPO.
CYC Nepal laghubitta IPO ratings :
CYC Nepal laghubitta Sanstha Limited has been given Care NP Double B minus rating by rating agency Care Rating Nepal for IPO issue. This rating indicates that the underlying condition of the company is moderately risky. The organization is going to issue 3,95,335.9704 ordinary shares (IPO) at the face value of Rs 100 per share to the general public by allocating the employees and collective investment funds of the organization.
The company has appointed Global IME Capital Limited as the issue and sale manager for the public issue of ordinary shares. The company will issue IPO only after getting approval from the regulatory body Nepal Securities Board.
Headquartered in Baglung Bazaar, the microfinance institution has acquired Shaligram Microfinance. After the acquisition, the authorized capital of the financial institution has reached Rs. 200 million and the issued capital has reached Rs. 121,641,837.
The founding group has 67.50 percent shares in this financial institution and 99 founding shareholders including one institution have paid up share capital of Rs. 821,88,240. Chartare Youth Club, Nepal has been conducting all the financial transactions in the name of CYC Nepal Microfinance Financial Institution Limited from 28th January, 2075 BS by obtaining license from Nepal Rastra Bank.