Miteri Development Bank Limited (MDB) posted a net profit of Rs. 2.52 crore for the first quarter of FY 2082/83, marking a remarkable 242.62% increase from Rs. 73.62 lakh in the same period last year. The growth was driven by higher net interest income and lower cost of funds.

Net interest income rose 77.28% to Rs. 7.29 crore from Rs. 4.12 crore, while deposits increased 16.65% to Rs. 759.01 crore and loans and advances grew 9.38% to Rs. 566.39 crore. Impairment charges for loans rose 66.89% to Rs. 1.60 crore.

Operating profit surged to Rs. 3.60 crore, compared to Rs. 1.05 crore last year. Retained earnings increased to Rs. 17.79 crore, and total reserves reached Rs. 34.87 crore. The bank’s capital adequacy ratio was 27.43%, down from 33.65% a year ago. Non-performing loans improved to 0.55% from 1.80%, while the cost of funds decreased to 4.92% from 6.74%.

Annualized earnings per share (EPS) jumped to Rs. 8.29 from Rs. 0.42 last year, and net worth per share rose 33.72% to Rs. 143.28. The bank’s quarter-end market price stood at Rs. 540, with a price-to-earnings (P/E) ratio of 65.14 times.