Business Standard

Microfinance institution Satin Creditcare posts Q3 net profit at Rs 34 cr

Microfinance institution Satin Creditcare Network Ltd (SCNL) on Monday reported a profit after tax of Rs 34 crore in the quarter ended December.

Satin Creditcare

Satin Creditcare | Photo: Twitter

Press Trust of India Mumbai
Microfinance institution Satin Creditcare Network Ltd (SCNL) on Monday reported a profit after tax of Rs 34 crore in the quarter ended December.
The company had reported a loss of Rs 80 crore in the year-ago period.
Its net interest income grew Rs 194 crore in the December quarter as against Rs 164 crore in the same period of the previous fiscal.
Disbursements for the quarter declined to Rs 1,348 crore as compared to Rs 1,822 crore in Q3FY21.
Microfinance disbursements dipped to Rs 1,224 crore as compared to Rs 1,742 crores in the same quarter of the previous fiscal.
Asset under management (AUM) dropped to Rs 7,218 crore as against Rs 7,880 crore.
The microlender's Chairman and Managing Director H P Singh said, Considering the current pandemic scare and detection of new Omicron variant, the company has adopted a well-calibrated and cautious approach in disbursing new loans due to which AUM de-grew by 8.4 per cent year-on-year.
Its gross non-performing assets (NPAs) stood at 8.61 per cent as against 9.61 per cent and net NPAs were at 0.49 per cent as against 3.89 per cent.
Its collection efficiency for the quarter improved to 97 per cent without Assam as compared to 90 per cent in Q2FY22.
With situations improving on the ground, the lender said it has witnessed a significant reduction in the number of non-paying clients from 6 per cent in April 2021 to 3 per cent in December 2021.
Its capital ratio stood at 24 per cent. The company continues to maintain a healthy balance sheet liquidity with Rs 1,069 crore of surplus funds and has undrawn sanctions worth Rs 320 crore as on December 31, 2021.
The lender's scrip ended at Rs 84.20 apiece, up 4.99 per cent on BSE.

(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: Jan 31 2022 | 9:35 PM IST

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