Protective Micro Insurance Records 39% Profit Surge in Q3 of Current Fiscal Year

Kathmandu – Protective Micro Insurance Limited has reported a net profit of Rs. 3.2 million in its third quarter financial statement for the current fiscal year, marking a 39.19% increase compared to the Rs. 2.3 million profit recorded during the same period last year.

The company also reported a sharp rise in its net interest income, which soared by an impressive 790.40%, jumping from Rs. 3.3 million in the previous fiscal year to approximately Rs. 29.5 million in the current period.

The company’s financials indicate a substantial rise in both income and expenditure. Total income rose by 107.63%, while total expenses climbed by 113.90%. Last year, the company had generated around Rs. 39.1 million in total income and incurred Rs. 35.8 million in total expenses. In contrast, this year, income increased by Rs. 81.3 million and expenses surged by Rs. 76.7 million.

As of the third quarter, Protective Micro Insurance has a paid-up capital of Rs. 525 million. The company has allocated Rs. 500,000 to its disaster fund, Rs. 4.3 million to its reserve fund, and approximately Rs. 5.1 million to a special reserve.

Despite the rise in profit and income, earnings per share (EPS) have declined from Rs. 0.58 last year to Rs. 0.18 this year.