Kolkata: CreditAccess Grameen reported a 184% rise in consolidated net profit for the fourth quarter to March at Rs 160 crore over Rs 56.3 crore in the year ago period, as the microfinance business and loan repayment improved mirroring the overall economic revival.
Total income for India’s largest NBFC-MFI rose 13.6% at Rs 825 crore against Rs 726 crore on healthy business growth. Its consolidated gross loan grew 22% year-on-year to Rs 16,599 crore.
Its consolidated net interest margin was at 10.9%.
“We have successfully navigated FY22, achieving our annual performance guidance on the back of our robust operational controls and catering to pent-up demand in rural India,” managing director Udaya Kumar Hebbar said. “The rural economy is showing strong signs of rebound coupled with an expected good monsoon providing a boost to the fortunes,” he said.
Its standalone collection efficiency in March was seen at 96% excluding arrear payments. Collection efficiency for Madura Micro Finance, which is in the process of getting merged with CreditAccess, was at 92% for the same month.
The consolidated operating profit rose by 12% at Rs 369 crore against Rs 329 crore. The lender made a provision of Rs 534 crore against expected credit loss while gross non-performing assets ratio was 3.61%.
The lender expanded its branch network by 15% in the year to 1,635 with 42 new branches opened primarily in newer markets as a sign of restored business confidence. It also added nearly 3 lakh new borrowers, in sync with fresh demand for loans.