CreditAccess Grameen reported a near-five-fold surge in first quarter net profit at Rs 493 crore against Rs 60 crore in the year ago period, riding on improvement in repayment from the ground, better asset quality and steady business growth.The country's largest non-bank microfinance lender booked a 34% rise in pre-provision operating profit at Rs 873 crore, on 22% rise in total income at Rs 1,784 crore.The lender's credit cost declined by 63% year-on-year at Rs 213 crore. The gross non-performing assets ratio stood at 2.18% at the end of June, sequentially improved from 3.17%.Its assets under management grew 16.4% year-on-year to Rs 30,319 crore at the end of June with addition of 2.5 lakh new-to-credit customers, the company said Friday.
CreditAccess Grameen Q1 net profit jumps 5-fold to Rs 493 cr
CreditAccess Grameen reported a near five-fold net profit surge to Rs 493 crore. This growth was driven by improved repayments and better asset quality metrics. Pre-provision operating profit rose 34 percent on a 22 percent income increase. Credit costs declined significantly by 63 percent year-on-year. Assets under management grew 16.4 percent with new customers.
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