SKS quarterly net profit up 24% at Rs 61.16 cr

Total income up 59% at Rs 241 cr, other income of Rs 42 cr partially offsets finance costs, which double to Rs 111 cr

SKS Microfinance Limited on Wednesday reported a 24 per cent jump in net profit at Rs 61.16 crore for the quarter ended June 30, on the back of higher income for the period.

Total income from operations for the quarter under review stood at Rs 240.85 crore, up 58.65 per cent compared with Rs 151.82 crore in the year-ago period.

The microlender's other income of Rs 41.79 crore partially helped offset the finance costs, which had doubled to Rs 110.78 crore from Rs 47.83 crore in the year-ago period. Total expenses, other than tax expenses, grew 42.58 per cent at Rs 102.37 crore from Rs 71.80 crore in the corresponding quarter in the previous year.

The company's gross loan portfolio increased 15 per cent to Rs 4,797 crore on a sequential basis while the loan disbursals grew 105 per cent at Rs 2,355 crore as compared to Rs 1,160 crore in the corresponding quarter last year.

According to SKS, the cost-to-income ratio reduced to 52.3 per cent in the first quarter of this year compared with 59.4 per cent in the fourth quarter ended March 2015, while the cost of interest-bearing liabilities stood at 11.9 per cent.