CreditAccess Grameen gains after Q4 PAT jumps 83% YoY to Rs 56 cr

CreditAccess Grameen rose 1.76% to Rs 619.20 after the micro financier reported 82.8% jump in consolidated net profit to Rs 56.3 crore in Q4 FY21 as against Rs 30.8 crore in Q4 FY20.

Total income during the quarter increased 50.6% year-on-year (YoY) to Rs 726.20 crore. Net Interest Income (NII) jumped 58.7% to Rs 463.7 crore in Q4 FY21 as against Rs 292.2 crore in Q4 FY20.

Pre-Provision Operating Profit was at Rs 329.10 crore in the fourth quarter, up 83.3% from Rs 179.5 crore in the same period last year.

Impairment of financial instruments jumped 146.4% to Rs 138.2 crore while additional COVID-19 provisions for next financial year rose by 35.4% to Rs 112.2 crore in Q4 FY21 over Q4 FY20.

 

Profit before tax in Q4 FY21 stood at Rs 78.6 crore, up by 93.9% from Rs 40.5 crore in Q4 FY20.

The company reported 60.8% drop in consolidated net profit to Rs 131.40 crore on 44.6% rise in total income to Rs 2466.07 crore in the year ended 31 March 2021 over the year ended 31 March 2021.

CreditAccess Grameen is a microfinance institution focused on providing micro-loans to women customers predominantly in rural areas across India.

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