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Satin Creditcare Network Ltd (SCNL) reported a 89 per cent year-on-year rise in second-quarter standalone net profit at ₹103 crore on the back of robust growth in net interest income and gain on sale of loan portfolio through assignment.
The microfinance institution had posted a net profit of ₹55 crore in the year ago quarter.
SCNL’s net interest income rose about 49 per cent to ₹213 crore vs ₹143 crore in the year ago quarter.
Gain on sale of loan portfolio through assignment was up about 62 per cent y-o-y at ₹63 crore from ₹39 crore.
Loan disbursements were up 41 per cent y-o-y at ₹2,403 crore (₹1,709 crore). Assets under management rose 33 per cent y-o-y to stand at ₹10,100 crore as at September-end 2023.
“On-book GNPA stood at ₹157 crore (2.38 per cent of on-book portfolio)...Nil NPA till 4 years of operations and minimal delinquency till date even after facing 2 Covid Cycles,” per the MFI’s investor presentation.
“HP Singh, Chairman cum Managing Director of SCNL, said, “…we have observed a strong second quarter, surpassing the ₹10,000 crore AUM and recording the highest ever profitability in the last 5 years.”
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