CreditAccess Grameen Ltd. posts net profit growth of 94 pct

Last Updated: Mon, Nov 05, 2018 19:41 hrs

[India], Nov 5 (ANI-BusinessWireIndia): CreditAccess Grameen Limited announced its unaudited financial performance for the half year ended September 30, 2018.

Performance Highlights (H1FY19)

• Net Profit grew by 94% to Rs.146 crore for the half year ended September 30, 2018 as against Rs.75 crore for the same period of last fiscal

• Income from operations (Net Interest Income) rose by 85% to Rs.354 crore for the half year ended September 30, 2018 as against Rs.191 crore for the same period of last fiscal

• Consolidated AUM as of September 30, 2018 stood at Rs. 5,794 Crore; growth of 47% over H1FY'18

Other Performance Highlights

• Net Profit grew by 20% to Rs.73 crore for the quarter ended September 30, 2018 as against Rs.61 crore for the same period last fiscal

• Income from operations (Net Interest Income increased) rose by 64% to Rs.181 crore for the quarter ended September 30, 2018 as against Rs.111 crore for the same period last fiscal

• Borrower base as of September 30, 2018 grew by 29% YoY to 20.78 lakhs as compared to 16.06 lakhs as of September 30, 2017

• Gross NPA reduced to 1.0% for the half year ended September 30, 2018 as against 5.8% for the same period last fiscal. Net NPA reduced to 0.05% for the half year ended September 30, 2018 as against 2.0% for the same period last fiscal

• Added 140 new branches in H1 FY19 as compared to 47 branches in H1 FY18. Total branches as on September 30, 2018 stands at 656 across 156 districts in 8 states and 1 union territory

• Cost to income ratio reduced to 34.4% for the half year ended September 30, 2018 as against 42.2% for the same period last fiscal

• RoA and RoE for H1FY'19 are 5.1% and 16.9% respectively

"The performance for the first half year has been on the expected trend. We have already enhanced our footprints in 24 new districts with 140 new branches which will help us further enhance our growth in the coming days," said MD and CEO of CreditAccess Grameen, Udaya Kumar Hebbar.

"Our aim is to maintain the momentum and continue to expand our reach in rural India going forward," added Udaya Kumar Hebbar. (ANI-BusinessWireIndia)



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