Bharat Financial Inclusion Q3 Net up 80 pc at Rs 143 cr

Bharat Financial Inclusion (formerly SKS Microfinance), today said its net profit rose by nearly 80 per cent to Rs 143 crore in the third quarter of 2016-17 financial year.
The net profit in the corresponding October-December quarter of 2015-16 stood at Rs 79.50 crore.
Total income of the microfinance lender rose by 33.1 per cent to Rs 409 crore for the period under review, compared to Rs 307.25 crore a year earlier, it said in a regulatory filing.
Gross loan portfolio, excluding Andhra Pradesh and Telangana, registered 38 per cent growth to Rs 8,531 crore, from Rs 6,177 crore in the third quarter of the previous fiscal, according to the filing.

It said the company has taken steps with regard to cashless and paperless operations, and instant loan approval based on Aadhaar-enabled eKYC is estimated to be completed by June 30, 2017.
The launch is following the success of a pilot in paperless, cashless disbursals in Odisha between September and December 2016, the company said.

"The technology upgradation is the fruition of relentless efforts in last couple of years ... We are already the most efficient global MFI with the lowest lending rate of 19.75 per cent," M R Rao, the CEO and Managing Director of Bharat Financial Inclusion, said.
Also, there was an unavailed deferred tax benefit of Rs 204 crore during the quarter, it said, adding it will be available to offset tax on future taxable income.

Shares of the company closed 1.15 per cent higher at Rs 676.80 apiece on BSE.