नेरूडे मिर्मिरे लघुवित्तको तेस्रो त्रैमासिक प्रतिवेदन सार्वजनिक, आम्दानी वृद्धि भए पनि नाफा कडा रूपमा घट्योNerude Mirmire Laghubitta Reports Mixed Performance in Q3 of FY 2081
नेरूडे मिर्मिरे लघुवित्त वित्तीय संस्थाले आर्थिक वर्ष २०८१ को तेस्रो त्रैमासको असाेधित वित्तीय प्रतिवेदन सार्वजनिक गरेको छ। प्रतिवेदन अनुसार संस्थाको कुल आम्दानीमा उल्लेखनीय वृद्धि भए पनि नाफा भने झिनो मात्रामा देखिएको छ, जसको मुख्य कारण जोखिमयुक्त कर्जामा वृद्धि र भारी मात्रामा गरिएको प्रावधान हो।
आम्दानी वृद्धि भए पनि नाफामा गिरावट
२०८० को तुलनामा यस त्रैमासमा संस्थाको शुद्ध ब्याज आम्दानी ५८.८२% ले वृद्धि भई १ अर्ब १ करोड ७४ लाख रुपैयाँ पुगेको छ। यस्तै, शुद्ध शुल्क तथा कमिशन आम्दानी पनि ३२.९९% ले बढेर १२ करोड ६५ लाख रुपैयाँ पुगेको छ। कुल सञ्चालन आम्दानी ४२.२९% ले बढेर १ अर्ब १४ करोड पुगेको छ।
तर, प्रावधान (Impairment) चार्ज एकदमै तीव्र रूपमा—१०९.९०%—ले बढेर ३२ करोड ९६ लाख रुपैयाँ पुगेको छ। यसले गर्दा सञ्चालन नाफा ७०.८१% ले घटेर मात्र ७ करोड ४८ लाख रुपैयाँमा सीमित रह्यो। त्यसै गरी, शुद्ध नाफा ७०.८०% ले घटेर ५ करोड ७९ लाख रुपैयाँमा झर्यो, जुन अघिल्लो वर्षको १९ करोड ८३ लाखको तुलनामा निकै कम हो।
ईपीएस र वितरण योग्य नाफामा गिरावट
शुद्ध नाफामा आएको भारी गिरावटले प्रति शेयर आम्दानी (EPS) मा प्रत्यक्ष प्रभाव परेको छ। ईपीएस ३२.८१ बाट घटेर ५.५२ रुपैयाँमा झरेको छ। वितरणयोग्य नाफा ऋणात्मक Rs. -११.७१ करोड रहेको छ भने वितरण योग्य EPS पनि ऋणात्मक ८.३८ रुपैयाँ देखिएको छ।
धितोपत्र मूल्याङ्कन सूचकमा अस्वाभाविक वृद्धि
कम नाफा हुँदा पनि PE Ratio एकदमै उच्च—११८.८६—देखिएको छ, जुन संस्थाको स्टक मूल्य हालको नाफाको तुलनामा महँगो भएको संकेत दिन्छ। यता, प्रति शेयर नेटवर्थ १९२.६६ रुपैयाँ पुगेको छ, जुन अघिल्लो वर्षको १७८.५८ रुपैयाँभन्दा राम्रो हो।
संपत्ति गुणस्तरमा गिरावट, कर्जाको गुणस्तर कमजोर
सस्थाको खराब कर्जा अनुपात (NPL) ८.८३% बाट बढेर १४.८१% पुगेको छ, जुन चिन्ताजनक हो। यसले स्पष्ट गर्छ कि संस्थाको कर्जा असुलीमा कमजोरी देखिएको छ। यही कारणले प्रावधान वृद्धि गर्नुपरेको छ।
कोषको लागत र ब्याज दर फैलावट
संस्थाको कोषको लागत ९.६७% बाट बढेर ११.५६% पुगेको छ, जसले वित्तीय लागत बढेको संकेत गर्छ। बेस रेट भने १४.०२% बाट घटेर १३.२०% भएको छ। ब्याज दर फैलावट भने ५.३३% बाट बढेर ७.६३% पुगेको छ, जसले गर्दा संस्थाले केही मार्जिन सुधार गर्न सकेको देखिन्छ।
पुँजी स्थितिमा सुधार
Capital Fund to RWA अनुपात ४.९२% बाट बढेर ८.४५% पुगेको छ, जसले पुँजी आधारमा सुधार देखाउँछ।
निष्कर्ष
नेरूडे मिर्मिरे लघुवित्तले आम्दानीका हिसाबले राम्रो प्रगति गरे पनि कर्जाको गुणस्तर कमजोर हुँदा र provisioning अत्यधिक बढेपछि नाफा धराशायी भएको देखिन्छ। यदि भविष्यमा संस्थाले NPL नियन्त्रण गर्न सकेन भने लगानीकर्ताको विश्वास घट्न सक्ने जोखिम छ। अब संस्थाको प्राथमिकता कर्जा असुलीमा सुधार ल्याउने र वित्तीय स्थिरता कायम राख्ने हुनुपर्ने देखिन्छ।
Nerude Mirmire Laghubitta Bittiya Sanstha has published its unaudited third-quarter financial report for fiscal year 2081, showing a mixed set of financial indicators compared to the same period of the previous year (FY 2080).
Operating Performance: Income Rises, Profit Plummets
The microfinance institution’s core earnings showed notable growth. Net interest income surged by 58.82% to Rs. 1.01 billion from Rs. 640.59 million in the previous year. Likewise, net fee and commission income also improved by 32.99%, reaching Rs. 126.59 million. As a result, total operating income rose significantly by 42.29% year-on-year, reaching Rs. 1.14 billion.
However, this growth in income was overshadowed by a dramatic 109.90% rise in impairment charges, which ballooned from Rs. 157.03 million to Rs. 329.61 million. This increase in provisioning had a devastating impact on profitability, dragging operating profit down by 70.81% to Rs. 74.80 million. Ultimately, profit for the period collapsed by 70.80%, dropping to just Rs. 57.90 million compared to Rs. 198.31 million last year.
Earnings and Valuation Metrics Take a Hit
Due to the substantial drop in net profit, the company’s Earnings Per Share (EPS) declined sharply from Rs. 32.81 to Rs. 5.52, representing a fall of Rs. 27.29. The distributable EPS also turned negative, at Rs. (8.38) from a positive Rs. 1.61 last year, indicating the company is in no position to distribute profits at this point. Consequently, the distributable profit also stands at a negative Rs. 117.16 million.
Interestingly, the company’s PE ratio soared to 118.86, reflecting its low earnings in relation to its current stock price, and perhaps signaling an overvalued share price amid weak profitability.
Balance Sheet Metrics: Moderate Growth and Reserves Decline
On the balance sheet side, the company maintained its paid-up capital at Rs. 1.39 billion, unchanged from the previous quarter. Retained earnings turned from negative Rs. 117.16 million to a positive Rs. 52.90 million within the fiscal year, indicating some internal improvement in earnings accumulation over the quarters. However, total reserves dropped from Rs. 1.41 billion to Rs. 1.27 billion — a decline of 1.83% — showing stress in overall surplus reserves.
Loan and advances increased slightly by 0.20% to Rs. 20.18 billion, while deposits and borrowings rose by 1.63% to Rs. 17.45 billion, showing modest growth in financial intermediation.
Credit Quality and Interest Margin
The Non-Performing Loan (NPL) ratio rose to 14.81% from 8.83%, indicating a deterioration in asset quality. This sharp increase could be a contributing factor behind the steep rise in impairment charges.
The cost of funds has also increased substantially from 9.67% to 11.57%, indicating higher borrowing costs. The base rate declined slightly from 14.02% to 13.20%, which may suggest some easing in lending rates. Despite this, the interest rate spread widened from 5.33% to 7.63%, potentially indicating improved margins.
Capital Adequacy and Net Worth
The capital fund to risk-weighted assets (RWA) ratio improved from 4.92% to 8.45%, reflecting a healthier capital position. Net worth per share also increased from Rs. 178.58 to Rs. 192.66, providing a cushion of confidence to investors regarding the company’s intrinsic value despite the earnings slump.
Conclusion
Nerude Mirmire Laghubitta’s third-quarter performance is a textbook case of rising revenues being overshadowed by surging provisions and deteriorating asset quality. While income has grown across the board, the sharp rise in impairment charges and NPLs has severely impacted profitability and earnings metrics. Going forward, the institution must prioritize improving its loan book quality to restore investor confidence and regain financial momentum.
