Latest News | CreditAccess Grameen Reports Rs 117 Cr Net Profit in Dec-qtr

Mumbai, Feb 4 (PTI) Leading microlender CreditAccess Grameen 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.

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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.

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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.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)