CreditAccess Grameen Q3 Results: Net profit soars 64% YoY to Rs 353 crore
CreditAccess Grameen on Friday reported a 64% year-on-year jump in net profit at Rs 353 crore for the quarter ended December 30, 2023, riding on robust business growth and interest earnings.
Net profit was Rs 216 crore in the year-ago period. Its net interest income rose 42% at Rs 802 crore while total income increased by 42.4% at Rs 1,295 crore.
Pre-provision operating profit increased by 59% at 602 crore in the quarter under review against Rs 380 crore in the year-ago period.
«The thrust of our growth story revolves around customer additions as we added 14.86 lakh customers in the past one year,» managing director Udaya Kumar Hebbar said.
The lender's gross loan portfolio grew 32% year-on-year to Rs 23,382 crore supported by near 20% rise in customer to 47 lakh. The collection efficiency was 98.3% of the new loans given post Covid.
Gross non-performing assets ratio stood at 0.97% at the end of December as compared with 1.71% in the year ago period.
Net NPA was at 0.29% against 0.59% at the end of the reporting period.
