Microcredit worth Rs 5.05 billion from first micro-finance

Kathmandu : The First Micro-finance Micro-credit financial institution has made a net profit of Rs. 139.7 million in the fiscal year 2019/20. During the period, it had disbursed micro-credits to the poor community worth Rs. 5.059 billion.

During the year, more than 100,000 members of the poor families in 46 districts were provided loan for various activities through 119 partner organizations, said acting Chief Executive Officer Dan Raj Pant.

Meanwhile, the board of directors of the First Micro-finance has proposed 13.68 bonus to its shareholders including bonus share of 9.50 per cent and cash benefit of 4.18 per cent from the income made last fiscal year.

The total fixed, issued and paid capital of the finance at present is Rs. 800.7 million with Global IME, Prabhu, Kumari banks and ICFC finance as promote shareholders.

As per the direction of the Rastra Bank to provide COVID-19 relief, the finance has provide rebate in the accounts of the creditors, said acting CEO Pant.

Under its CSR activities, the finance has been awarding the best micro entrepreneur with Rs. 10,000 each for 20 persons, donated Rs. 149,000 to health camps, blanket support to the patients at Tilganga eye hospital, health supplies to poor families to protect from Corona Virus and Rs. 100,000 contribution to purchase a PCR testing machine State no. 1, among others.

Likewise, the finance had contributed Rs. 1.96 million to the Corona infection prevention and control fund established by the government.