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CreditAccess Grameen Q1 net profit down 22% to Rs 75 cr

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NEW DELHI: Microfinance lender CreditAccess Grameen Ltd (CAGL) documented over 22 per cent diminish in consolidated net profit at Rs 75 crore in April-June quarter.

The lender had registered a new net profit of Rs 96 crore in the equivalent quarter of the previous financial year.

Net interest earnings during April-June period of 2020-21 jumped 55.2 % to Rs 383.20 crore from Rs 246.90 crore in the very same period of 2018-19, CAGL stated in a release.

Gross bank loan portfolio grew 53.nine per cent to Rs 11,724 crore during the 1 fourth under review from Rs 7,619 crore recently, it added. Borrowers matured by 56.4 % to 40.1 lakh from 25.6 lakh.

The company said it really is well capitalised, with stand alone capital to risk measured assets ratio of 23.7 per cent.

‘”We noted strong business growth, with this standalone loan portfolio upwards 27 per cent year-on-year to Rs 9,680 crore. This was further augmented by way of MMFL (Madura Micro Funding Ltd) acquisition,” CAGL Managing Director and PRESIDENT Udaya Kumar Hebbar stated.

He said the company’s target during the first quarter was initially on stabilising field selections, maintaining continuous customer link and mobilising sufficient fluid.

Despite several intermittent localized lockdowns/restrictions, CAGL was able to improve collection efficiency to 74 per cent by Summer and 76 per cent by way of July, he said.

Even in case of MMFL, there was a tremendous improvement in collection effectiveness from 54 per cent within June to 64 % in July, the company stated.

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