CreditAccess Grameen Q4 net profit jumps 86% to ₹297 crore

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Chennai, May 16th CreditAccess Grameen It posted a growth of 86 per cent, year on year, in fourth quarter net profit at ₹296.6 crore. Bengaluru-based NBFC Microfinance reported a net profit of INR 159.1 crore for the corresponding quarter of the previous financial year.

The lender’s interest income increased by 32.4 per cent to ₹964.8 crore (₹728.5 crore) during the latest quarter.

The company’s gross loan portfolio grew by 26.7 per cent year-on-year to Rs. 21,031 crore (Rs. 16,599 crore) in the fourth quarter of FY23.

Crosses ₹ 20,000 SEK

Udaya Kumar Hebar, Managing Director and Chief Executive Officer CreditAccess GrameenIt, according to the company, has become the first purely operating microfinance institution in the country to cross the $20,000 crore mark in assets under management (AUM). He added that the company added approximately 12.3 lakh new borrowers in FY23, taking the total borrower base to 42.64 lakh.

He added, “For FY24, we are optimistic about achieving a growth of 24-25 percent in the total loan portfolio.”

The lender’s total non-performing assets (NPA) fell to 1.21 percent in the fourth quarter of FY23 from 3.61 percent during the same quarter in the previous fiscal year. Its net NPA also improved to 0.42 percent (1.28 percent) over the corresponding quarters.

For the full year, the company’s net profit swelled by 134 per cent to ₹826.1 crore (353.1 crores) in FY23. Total income increased by 29.1% to ₹3,550.8 crore (2,750.1 crores).