Bharat Financial Q2 net up 87% at Rs 146 cr on higher income, zero taxes

Total income from operations up 39% to Rs 407 cr; gross loan portfolio rises 66% to Rs 9,016 cr

Microfinance company Bharat Financial Inclusion Limited has reported a 87.37 percent jump in net profit at Rs 146 crore for the quarter ended September, 2016 as compared to Rs 77.85 crore in the corresponding quarter previous year. Rise in operating and other income, and absence of tax liabilities have contributed to the higher net profit during the quarter under review.

Total income from operations grew by 39 percent to Rs 407.39 crore from Rs 291.27 crore in the corresponding previous quarter.

The company's gross loan portfolio registered a growth of 66 percent to Rs 9,016 crore in the second quarter ended September 2016 as compared with Rs 5,462 crore in the year ago period.

During the quarter Bharat Financial Inclusion Limited had incremental draw downs of Rs 2,180 crore and half year drawdowns of Rs 3,276 crore excluding organisation on managed loans, the company said