United Finance’s profit reaches Rs 11.4m

Kathmandu, January 13:

The 11th annual general meeting (AGM) of United Finance Ltd completed today in Kathmandu, approving a proposal to distribute a dividend of 7.5 per cent to its share holders.

Basanta Kumar Chaudhary, chairman of the company, presented the annual report for the fiscal year 2005-06 at the AGM.

The operating profit of the company has increased from Rs 5.69 million to Rs 11.40 million during the current fiscal year and also, net profit from Rs 2.8 million to Rs 8.04 million compared to last year, states a press release issued by UFL. The percentile increments are 100 per cent and 188 per cent respectively.

The company also had a significant growth in deposit collection. Deposits increased from Rs 287 million to Rs 332.6 million, which is an increment of 16 per cent. Similarly, total credit also increased from Rs 304.8 million to Rs 529.4 million, which showed a growth of 72 per cent.

UFL has emerged as one of the best consumer finance companies specialising in financing of motorcycles, home loan and home appliances, claims the release. During the financial year 2005-06, the non-banking assets of the company has decreased from Rs 11.6 million to Rs 4.6 million, which is positive sign in efficiency of the company to realize its assets.

The AGM also welcomed Jagdish Prasad Kanodia as new director from Rahul Infrastructure Pvt Ltd replacing Nirvana Kumar Chaudhary. Speaking about the services of UFL, chairman Basanta Kumar Chaudhary said, “The satisfied clientele base of 12,000 people speaks of the performance of UFL.”