Bharat Financial shares surge 10% on 4-fold jump in profits

During the first quarter of current FY, the company saw a 53% jump in total income at Rs 368.95 crore compared to the same period year-ago

Shares of Bharat Financial Inclusion Ltd, formerly SKS Microfinance, on Friday surged by 10.6% after the company reported four-fold jump in net profit at Rs 235.9 crore for the first quarter of  financial year 2016-17.

The stock gained 10.58% to close at Rs 844.90 apiece on the BSE. It had reached a 52-week high of Rs 890.75 per share during the afternoon trade.

On the NSE, the shares of company settle at Rs 844.05 apiece, a jump of 10.52% from the previous close.

The microfinance institution had posted a net profit of Rs 61.15 crore during the April-June quarter 2015-16.

During the first quarter of the current FY, the company saw a 53% jump in total income at Rs 368.95 crore compared to the same period year-ago.

As of June 30, 2016, the company had a net worth of Rs 1,627 crore and a capital adequacy of 23.2%.

Bharat Financial Inclusion said that its gross loan portfolio, excluding the states of Andhra Pradesh and Telangana registered a 76% year-on-year growth to Rs 8,463 crore for the quarter-ending June 30, 2016.

Further, the company has added 7.7 lakh borrowers and ended the quarter with a borrower base of 50.9 lakhs, a 38% increase on year-on-year basis.

Loan disbursements increased by 59% to Rs 3,769 crore, for the period under review.