Kathmandu. In the first nine months of the current Fiscal Year (FY) 2078/79, the profit of Mahalakshmi Development Bank has increased by about 77 percent. According to the company's third quarter financial statement of the current fiscal year, the profit has increased compared to the same period last year. The bank's profit was Rs 714.2 million. The bank had earned a net profit of Rs. 403.6 million in the third quarter of last fiscal year.

Similarly, the distributable profit of the bank has increased by 77 percent. Such profit has stood at Rs. 458.3 million till the third quarter of the current fiscal year. Such profit was Rs. 257.6 million in the corresponding period of the previous year.

The bank's success in reducing bad loans has also helped boost profits. The NPL ratio of the bank has come down to 2.89 percent from 4.44 percent in the third quarter of last fiscal year.

Similarly, the amount in the reserve fund has also increased. As of mid-July last year, the reserve fund stood at Rs 1.59 billion, but by mid-April of the current fiscal year, it has remained at Rs 1.75 billion. An amount of Rs. 163.1 million has been added to the reserve fund during the last nine months. As of mid-April, the bank's earnings per share is Rs 23.74 and net worth per share is Rs 156.04.