ALSO READIncrease in number of Income Tax payers after demonetisation: Ministry of Finance Undisclosed income of Rs 71,941 cr found in 3 yrs: Govt to SC DeMo effect: ITR filings for 2016-17 grow 25% to 2.82 cr I-T identifies another 5.56 lakh under Operation Clean Money Bajaj Finance Q4 net up 43% at Rs 449 crore
MFI Satin Creditcare Network (SCNL) today reported a consolidated net profit of Rs 11.3 crore for the quarter ending September against that of Rs 26.47 crore in the year-ago period. In the previous April-June quarter, the company had recorded a net loss of Rs 80 crore. Total income (consolidated) rose to Rs 253.73 crore during the September quarter from Rs 212.74 crore year ago. Company's performance underwent huge pressure due to demonetisation as loan repayments were severely impacted after Rs 500 and Rs 1,000 notes were banned from usage in November last year, the company said. "With our consistent focus on improving our business operation and collections, we have returned to profitability during the quarter.
Satin was one of the most impacted micro finance institutions (MFIs) during the demonetisation phase with 70 per cent of our portfolio being in geographies impacted due to demonetisation," said H P Singh, Chairman and Managing Director, SCNL said in a statement. Provision/write-off increased to Rs 40.91 crore for September quarter from Rs 8.71 crore year earlier. In spite of this, there is 98 per cent collections on the new (loan) portfolio, he added. Having expanded to Assam in the first quarter and to Odisha in the second, Satin said it sees huge opportunity in the microfinance segment and is well capitalised for growth. The assets under management (AUM) stood at Rs 4,493 crore as on September 30, 20187. SNCL gives small ticket loans under MFI segment, has 680 branches across the country in a total of 18 states including Uttar Pradesh, Bihar, Punjab, Madhya Pradesh, Rajasthan and Haryana. Stock of the company closed 2.01 per cent up at Rs 304.20 on BSE today.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)