Money & Banking

Bharat Financial Inclusion net up 80% in third quarter

Our Bureau Hyderabad | Updated on January 12, 2018

Bharat Financial Inclusion (formerly SKS Microfinance) has posted an 80 per cent increase in net profit to ₹143 crore in the third quarter ended December 31, 2016.

Its gross loan portfolio, excluding Andhra Pradesh and Telangana, grew 38 per cent to ₹8,531 crore (₹6,177 crore).

In the quarter under review, loan disbursements increased 34 per cent to ₹2,981 crore.

“We had incremental draw-downs of ₹1,048 crore (₹947 crore post-demonetisation) in the third quarter,” Ashish Damani, Chief Financial Officer, Bharat Financial Inclusion, said in a release issued on Tuesday.

On the impact of demonetisation, the company said collection efficiency of the dues in the November 11-30 period improved to 97.5 per cent by January 2017. Overall collection efficiency for the third quarter was 95 per cent.

The micro-lender is also in the process of implementing instant loan approval based on Aadhar-eKYC, credit bureau authentication and e-signature. The project, which was based on a pilot in Odisha between September and December 2016, will be completed by June 30, 2017. The scrip of Bharat Financial gained 1.15 per cent to ₹676.80 on the BSE on Tuesday.

Published on January 24, 2017

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