Satin Creditcare Q3 net profit up 13% at Rs 17 cr

Microfinance lender Satin Creditcare today reported a rise of over 13 per cent in its consolidated net profit at Rs 16.97 crore for the third quarter ended December 31.
The company had posted a profit of Rs 15 crore in the corresponding quarter of previous fiscal.
Total revenues during the quarter rose by 52.17 per cent to Rs 218.91 crore as against Rs 143.86 crore in the same period a year ago, the company said in a release.
The company's interest income from loans rose by 64 per cent to Rs 126.87 crore for the quarter compared to Rs 99.5 crore.

Commenting on the results, H P Singh, Chairman and MD, said : "The performance for the current quarter and the nine months of the current financial year was satisfactory. The growth in our portfolio was impacted to some extent due to the challenging environment, and we have taken the necessary steps to address these challenges."
Post demonetisation, "Satin received more than Rs 650 crore (6.5 billion) in new disbursements from several lenders which is a strong testimony to the confidence our lenders have in us," he said.
Satin Creditcare Network stock closed 0.65 per cent up at Rs 454.55 on BSE.