Satin Creditcare Q3 net falls 35 pc to Rs 47 cr

Microfinance lender Satin Creditcare Network on Wednesday reported a 35 per cent decline in consolidated net profit at Rs 46.71 crore during the third quarter ended December.

The company had posted a net profit of Rs 71.41 crore in the year-ago quarter, Satin Creditcare said in a regulatory filing.

Total income during October-December fell to Rs 374.60 crore as against Rs 400.07 crore in the same quarter of 2018-19.

Gross non-performing assets (GNPA) at an AUM (assets under management) level stood at 3.1 per cent as on December 31, 2019 as compared with 3.2 per cent as on December 31, 2018, improvement of 10 basis points, it said.

"Some parts of the country faced issues as they were recovering from floods while many parts of the country were disrupted due to unrest and nationwide protests," Satin Creditcare Chairman and MD HP Singh said.

"Also, concerns in few districts of Assam have compelled us to adopt a cautious approach in the state which has affected our operations to certain extent," he added.

Shares of Satin Creditcare on Wednesday closed 0.11 per cent higher at Rs 219.50 on the BSE.