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CreditAccess Grameen reports Rs 117 crore net profit in Dec-quarter

Leading microlender CreditAccess Grameen reported a net income of Rs 117 crore for the three months to December, as against a net loss of Rs 79.1 crore a year ago.

CreditAccess Grameen | Q3 results

Press Trust of India  |  Mumbai 

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Leading microlender on Friday reported a net income of Rs 117 crore for the three months to December, as against a net loss of Rs 79.1 crore a year ago.

This was despite its disbursements growing only 2.8 per cent to Rs 4,720 crore.

The Bengaluru-based micorlender's gross loan portfolio rose 18.4 per cent from Rs 12,321 crore in December 2020 to Rs 14,587 crore in December 2021, the company said in a statement, adding the same has crossed the Rs 15,000-crore mark in January.

Total income increased 27 per cent annualised from Rs 543 crore to Rs 689.7 crore, while net interest income jumped 35.5 per cent from Rs 304.1 crore to Rs 412.0 crore.

Near total collection efficiency led to impairment charges declining 57.2 per cent from Rs 275.7 crore to Rs 117.9 crore during the quarter.

Its total provisions stood at Rs 671 crore, up 4.74 per cent, as against GNPA of 6.02 percent. During the quarter, its write-offs were at Rs 190 crore.

The bottomline growth was helped by better collection efficiency which rose to 95 per cent, and excluding arrears it was near full at 98 per cent. Excluding the non-paying NPA customers, collection efficiency was 98 per cent and 101 per cent including arrears, it said.

Despite muted loan sales during the quarter, it added over 2 lakh new borrowers, while its branch network increased 14.7 per cent to 1,593.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Fri, February 04 2022. 22:48 IST