SKS Q1 net up 24% at Rs 61 cr

SKS Microfinance today reported a 23.9 per cent growth in net profit at Rs 61.1 crore for the first quarter ended June 30 as compared to the corresponding period in the previous fiscal.
The company earned a net profit of Rs 49.3 crore in the April-June quarter of 2014-15.
The total income of the company rose to Rs 282.6 crore during the quarter under review compared with Rs 168.9 crore in the same period last year, SKS Microfinance said in a statement.
Loan disbursements increased 105 per cent on a year-on-year basis to Rs 2,377 crore as compared to Rs 1,160 crore in the same period a year ago.

On account of the reduction in the cost of borrowing, SKS could reduce the interest rate charged to borrowers from 23.55 per cent to 22 per cent with effect from July 1, 2015.