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Chennai, May 16 CreditAccess Grameen has posted a 86 per cent, year-on-year, growth in its fourth quarter net profit at ₹296.6 crore. The Bengaluru-based microfinance NBFC posted a net profit of ₹159.1 crore for the corresponding quarter of the previous fiscal.
The lender’s interest income went up by 32.4 per cent to ₹964.8 crore (₹728.5 crore) during the latest quarter.
The company’s gross loan portfolio grew by 26.7 per cent YoY to ₹21,031 crore (₹16,599 crore) in Q4FY23.
Crosses ₹20,000 cr AUM
Udaya Kumar Hebbar, MD and CEO of CreditAccess Grameen, said, the company became the first pure-play microfinance institution in the country to cross the ₹20,000 crore assets under management (AUM) mark. He added that the company added nearly 12.3 lakh new borrowers in FY23, taking the total borrower base to 42.64 lakh.
“For FY24, we are sanguine to achieve a growth of 24-25 per cent in the gross loan portfolio,” he added.
The lender’s gross non-performing asset (NPA) reduced to 1.21 per cent in Q4FY23 against 3.61 per cent during the same quarter of the previous fiscal. Its net NPA also improved to 0.42 per cent (1.28 per cent) during the comparable quarters.
For the full year, the company’s net profit swelled by 134 per cent to ₹826.1 crore (₹353.1 crore) in FY23. Total income went up by 29.1 per cent to ₹3,550.8 crore (₹2,750.1 crore).
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