Satin Creditcare net profit rises 47% in Q4

Kolkata: Microfinance firm Satin Creditcare Network has reported a 47 per cent rise in fourth quarter net profit at Rs 56 crore on steady business growth and near 100 per cent loan repayment.

Its gross loan portfolio grew 23 per cent to Rs 7,068 crore with customer base growing 26 per cent to 36 lakh. “We would like to consolidate our business in new geographies like Tamil Nadu, Meghalaya, Tripura, Puducherry and Karnataka where we started operation in FY19,” Satin chairman HP Singh told ET.

Collection efficiency of loans disbursed since January 2018 was seen at 99.5 per cent. Singh said that Satin has been focusing on technology investment to enable cashless disbursements and digital documentation at its branches. All its 1,163 branches can make cashless disbursements while it aims to make 50 per cent of its collections cashless by FY20.