CreditAccess Grameen net profit rises 15% YoY to Rs 398 crore

Microfinance lender CreditAccess Grameen on Friday reported a 15% year-on-year rise in net profit at Rs 398 crore for the first quarter of the fiscal, backed by robust business expansion while the lender's asset quality slipped.

The net profit was Rs 346 crore in the year ago period.

The lender's total income for the quarter was 29% higher year-on-year at Rs 1,513 crore on a gross loan portfolio of Rs 26,304 crore, which expanded nearly 21% year-on-year.


The net interest income rose by 25% at Rs 953 crore. The net interest margin remained at 13%.

Pre-provision operating profit was also over 30% higher at Rs 709 crore against
Rs 544 crore in the year-ago period.

The NBFC-MFI, which is the country's largest in terms of AUM, saw gross non-performing assets ratio to rise to 1.46% at the end of June as compared with 0.89% a year back. Impairment of financial instruments was 128.5% higher year-on-year at Rs 175 crore