Kathmandu. Nerude Microfinance Financial Institution has incurred losses. According to the unaudited financial statements for the first quarter of the current fiscal year, the company has incurred losses.

During the review period, the company incurred a loss of Rs 2,79,99,000 ( {{} loss). The company had posted a net profit of Rs 5,53,68,000 in the same period of the previous financial year.

In the first quarter of the current financial year, the bad loans of microfinance have increased from 15.70 percent to 21.73 percent. Due to the sharp increase in bad loans, the microfinance company has to make provisioning of Rs 10.27 crore for bad loans. This is the reason why microfinance has incurred losses in the first quarter.

According to the financial statement published by the microfinance company, the net interest income has also decreased from Rs 40.35 crore to Rs 28.89 crore, while operating profit has also decreased to Rs 3.60 crore.

The company’s earnings per share (EPS) also declined to Rs 8.01 from Rs 15.84 in the review period. The net worth per share of the company is Rs 184.40.