Micro lender CreditAccess Grameen on Wednesday posted a rise of 33 per cent in net profit at Rs 95.8 crore for the June quarter 2019-20. It had registered a profit of Rs 72.20 crore in the year-ago same period.
Net interest income in April-June of the current fiscal increased over 32 per cent to Rs 246.90 crore from Rs 186.60 crore in the same period a year ago, it said in a release.
The gross loan portfolio rose 39 per cent to Rs 7,619.3 crore from Rs 5,467.9 crore a year ago.
“We continued to further deepen our presence in existing markets and expanded in new geographies by entering Jharkhand in first quarter and Rajasthan and Gujarat in July. “We believe there are significant growth opportunities available for microfinance players with strong balance sheet and non-urban focused business model,” said Udaya Kumar Hebbar, MD and CEO of CreditAccess Grameen.
He said rural markets seem to be temporarily witnessing subdued consumption demand and slower growth particularly in asset-based investments compared to last year.
CreditAccess Grameen stock closed at Rs 522.90 on BSE, down 2.57 per cent from the previous close.