SKS net soars 250 pc to Rs 57 cr

Country's only listed microfinance lender SKS Microfinance today said its September quarter net profit jumped nearly 250 per cent to Rs 56.8 crore from Rs 16.3 crore a year ago.
Net interest income saw 63 per cent increase at Rs 110 crore from Rs 68 crore a year ago.
Gross revenues for the quarter stood at Rs 201 crore, up from Rs 135 crore a year ago. Its overall loan portfolio, excluding Andhra Pradesh and Telangana, witnessed 50 per cent year-on-year growth to Rs 3,043 crore from Rs 2,029 crore.
Loan disbursements registered a 73 per cent increase to Rs 1,693 crore from Rs 978 crore, the Hyderabad based company said in a statement.

Gross bad loans stood at 0.1 per cent from 0.2 per cent, and its collection efficiency stood at 99.8 per cent during the reporting quarter which was a tad better at 99.9 per cent in the year ago period.
The company's membership base excluding Andhra and Telangana witnessed a 28 percent year-on-year growth to 41.71 lakh.

As of end September, SKS had a net worth of Rs 951 crore and capital adequacy of 33. 2 percent (without the Reserve Bank dispensation on the Andhra and Telangana provisioning).
Cash and cash equivalents (excluding security deposit) stood at Rs 530 crore at end Sptember.

The un-availed deferred tax benefit of Rs 522 crore will be available to offset tax on future taxable income, SKS added.