CreditAccess Grameen Q4 Results: Net profit soars 34% YoY to Rs 397 crore on business expansion

economictimes.indiatimes.com:

NBFC-MFI) CreditAccess Grameen has reported a 34% year-on-year rise in net profit for the March quarter at Rs 397 crore, supported by expansion of business and higher earnings.
The net profit was Rs 297 crore in the year-ago period.

Its net interest margin for the quarter improved 91 basis points to 13.1% against 12.2% in the same period last year.
The lender’s pre-provision operating profit was 36% higher at Rs 683 crore, helped by 34% rise in net interest income at Rs 922 crore. Total income rose 37% year-on-year at Rs 1,459 crore.

Its gross loan portfolio expanded 27% year-on-year to Rs 26,714 crore at the end of March with gross non-performing assets ratio marginally falling to 1.18% from 1.21% a year back.

“We ended FY24, completing 25 years of our operations, on a solid footing. The growth was well supported by a healthy increase in the customer base by 15% year-on-year to 49.18 lakh. We added over 13.6 lakh customers during FY24," managing director Udaya Kumar Hebbar was quoted as saying in a statement issued by the company.

«Our NIM remained steady at 13% for FY24 while being the lowest-cost lender in the microfinance industry,» he said.

The company proposed a dividend of Rs 10 per share.

Its share price fell 0.76% Tuesday to Rs 1423.8 on BSE while Sensex closed 0.52% lower.