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Satin Creditcare Q2 net profit up by 17.8 pc at Rs 54 cr

Press Trust of India  |  New Delhi 

Microfinance lender Satin Creditcare Network Limited (SCNL) on Wednesday reported a 17.8 per cent rise in net profit at Rs 54 crore for the second quarter ended September.

The company had posted a net profit of Rs 46 crore in the corresponding July-September period of the last fiscal ended March 2019.

However, total income of the company fell to Rs 345.15 crore in the second quarter of 2019-20 from Rs 352.06 crore in the year-ago period, the company said in a regulatory filing.

The company's gross loan portfolio (GLP) rose 16 per cent to Rs 7,182 crore at the end of September 2019 from Rs 6,191 crore a year ago, it said in a release.

"Notwithstanding the challenging environment under which the NBFC industry has tread in the last quarter, Satin still holds India's largest NBFC-MFI customer base," SCNL Chairman and Managing Director H P Singh said.

"On account of floods in the states of Assam, Bihar, Orissa and Madhya Pradesh, we witnessed a marginal increase in PAR numbers during Q2FY20 and (it) also impacted loan disbursement. However, we are constantly working towards maintaining a quality portfolio," he said.

Singh said the company is undergoing a complete process re-engineering, leading to tightening of credit norms and better controls.

"We have successfully implemented centralised shared services, psychometric test and geo-tagging of our branches, centers and clients house," he added.

Shares of Satin Creditcare closed at Rs 236.60 on the BSE on Wednesday, 3.21 per cent higher from previous close.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, November 06 2019. 15:55 IST
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