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Bharat Financial Inclusion Ltd’s net profit increased 87.3 per cent at Rs 146 crore in the second quarter ended September 30, 2016, compared to Rs 77.86 crore in the corresponding quarter of the previous financial year.
The total income of the company, which is formerly SKS Microfinance, increased to Rs 449.60 crore (Rs 324.29 crore).
The loan disbursements grew 51 per cent to Rs 4,016 crore (Rs 2,665 crore). During the quarter, it had incremental drawdowns of Rs 2,180 crore excluding origination under managed loans. It completed a qualified institutional placement of Rs 750 crore which was subscribed multiple times.
The board of directors, at its meeting held on October 28, 2016 had also approved declassification of WestBridge Ventures LLC as promoter and Kumaon as part of promoter group as they do not currently hold any equity shares or other securities of the company and have not been associated with the company in any manner.
As on Sept 30, 2016, Bharat Financial had a net worth of Rs 2,514 crore and a capital adequacy ratio of 33.4 per cent. Cash and cash equivalents stood at Rs 1,632 crore.
Bharat Financial Inclusion’s scrip gained 0.38 per cent on the Bombay Stock Exchange on Friday to end at Rs 883.10.
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