Kathmandu. Hulas Finserv Hire Purchase Limited reported a 99% jump in net profit for the second quarter. According to the unaudited financial statement released by the company, the net profit for the second quarter of the fiscal year 2082/83 was 99.33 percent or Rs 13.44 crore. It was Rs 6.74 crore in the same period last year.
The company has also more than doubled its loan and advance portfolio. According to the financial report, it reached Rs 10.64 billion during the period, which is an increase of more than 100 percent compared to the previous year.
Interest income increased by Rs 41.77 crore or 220.07 percent. Operating profit improved to Rs 21.99 crore by improving cost control and risk management, the report said.
The non-performing loan ratio declined to 3.05 per cent from 4.68 per cent. This has also shown that the company has improved the quality of assets. “The improved recovery process and credit monitoring system have played an important role, with a positive improvement in key financial indicators,” the company said. ’
The company has EPS of Rs 32.39, equity return of 16.56% and net worth per share of Rs 195.62. Despite external constraints and challenges, the portfolio has been able to achieve success by focusing on quality improvement, operational efficiency and sustainable growth. It also pledged to strengthen asset quality, expand responsible credit and protect the long-term interests of stakeholders.
