CreditAccess Grameen Q4 net profit jumps over two-fold at Rs 160 crore

Microfinance lender CreditAccess Grameen on Thursday reported an over two-fold jump in consolidated net profit at Rs 160.1 crore for the quarter ended March 2022 on good growth in disbursements and boost in collection efficiency.

Its profit after tax stood at Rs 56.3 crore in the same quarter of the preceding fiscal year.

Total income rose by 13.5 per cent to Rs 824.50 crore in the March quarter of 2021-22, as against Rs 726.20 crore in same period of 2020-21, CreditAccess Grameen said in a release.

The net interest income was up by 12.1 per cent to Rs 519.60 crore. Gross loan portfolio increased 22.2 per cent to Rs 16,599 crore as of March 31, 2022.

The company said its disbursements in Q4 FY22 increased by 22.5 per cent to Rs 5,792 crore.

"We have successfully navigated the FY22, achieving our annual performance guidance on the back of our robust operational controls and catering to pent-up demand in rural India. The rural economy is showing strong signs of rebound coupled with an expected good monsoon providing a boost to the fortunes," said Udaya Kumar Hebbar, MD and CEO of CreditAccess Grameen.

He further said the company's overall collections (excluding arrears) reached 96 per cent at the end of March 2022, while including arrears the figure stood at 97 per cent.

Excluding the non-paying NPA customers, overall collections (excluding arrears) reached 99 per cent. Including arrears, it crossed the 100 per cent mark at the end of FY22, Hebbar added.

Stock of CreditAccess Grameen ended at Rs 872.25 apiece on BSE, down by 3.10 per cent from the previous close.