CreditAccess Grameen Q1 Results: Profit jumps nearly seven-fold to Rs 140 crore

Microfinance lender CreditAccess Grameen reported a nearly seven-fold rise in consolidated net profit at Rs 139.6 crore for the June quarter, riding on robust growth in net interest income and improvement in repayment collection.

The lender's total income for the quarter rose 23% to Rs 760.5 crore over Rs 617.4 crore in the year-ago period. Net interest income rose 31% at 461.5 crore against Rs 352.7 crore.

Operating profit grew 34% at 290 crore against Rs 216 crore.


The country's largest NBFC-MFI by gross loan portfolio said its business grew 23% year-on-year to Rs 15,615 crore.

“Our primary focus during the June quarter was on maintaining a strong collections trend and ensuring complete alignment with the new microfinance

underwriting guidelines," managing director Udaya Kumar Hebbar was quoted as saying in a statement issued by the company.

Its gross non-performing assets ratio was at 3.11% at the end of June.

The lender expanded its presence through new branches over the past 12 months. It has 1,681 branches at present.