The Hindu Business Line : Share Microfin earns Rs 3.8-crore profit

SHARE Microfin Ltd (SML), a community owned micro-finance company with 26,000 poor women as shareholders, has posted an income of Rs 24.70 crore and a profit of Rs 3.8 crore during 2003-04.

The company's board declared a dividend of 10 per cent.

According to the SML Managing Director, Mr M. Udaia Kumar, the average shareholding of the 26,000 women in the company is Rs 5,000.

The company is serving 2.5-lakh poor women and has disbursed Rs 366.27 crore.

In a press release here on Monday, Mr Kumar stated that as per the study conducted by the International Food Policy Research Institute, 85 per cent of the SML clients belonged to bottom 20 per cent of the people living below poverty line.

He claimed that SML was the first micro-finance company to declare dividend in the country.

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Share Microfin earns Rs 3.8-crore profit