 "SKS Microfinance hits 52-week high on good Q1 results")
Shares of SKS Microfinance were trading higher by 2% at Rs 547 on the BSE in early morning trades after the company reported 24% year-on-year (yoy) increase in net profit at Rs 61 crore for the quarter ended June 30, 2015 (Q1). The company had posted a profit of Rs 49 crore in the year-ago quarter.
Net interest income, difference between interest earned and interest paid, rose 48% at Rs 117 crore in the June quarter against Rs 79 crore in the corresponding quarter of previous fiscal.
SKS Microfinance said it was able to reduce cost-to-income ratio on a sequential basis—from 59.4% in the fourth quarter of 2014-15 to 52.3% in the April-June quarter of this financial year.
The average borrowing costs of the microlender stood at 11.9%, a reduction of 100 basis points, compared with the previous year, it added. One basis point is one-hundredth of a percentage point.
The stock touched a 52-week high of Rs 552 and has seen a combined 1.1 million shares changed hands on the counter on the BSE and NSE till 09:30 AM.
Net interest income, difference between interest earned and interest paid, rose 48% at Rs 117 crore in the June quarter against Rs 79 crore in the corresponding quarter of previous fiscal.
SKS Microfinance said it was able to reduce cost-to-income ratio on a sequential basis—from 59.4% in the fourth quarter of 2014-15 to 52.3% in the April-June quarter of this financial year.
The average borrowing costs of the microlender stood at 11.9%, a reduction of 100 basis points, compared with the previous year, it added. One basis point is one-hundredth of a percentage point.
The stock touched a 52-week high of Rs 552 and has seen a combined 1.1 million shares changed hands on the counter on the BSE and NSE till 09:30 AM.
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