Credit Access Grameen Limited Q3FY’19 Net Profit up 55.0 Percent YoY to Rs. 99.76 Crore

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Bengaluru, February 01, 2019: CreditAccess Grameen Limited (NSE: CREDITACC, BSE: 541770), country’s second largest microfinance NBFC, today announces its unaudited financial performance for the Quarter ended December 31, 2018.

Performance Highlights for the Quarter ended December 31, 2018:

  • Net Profit grew by 55.0% to Rs. 99.76 crore for the Quarter ended December 31, 2018 as against Rs. 64.36 crore for the same period of last fiscal
  • Net Interest Income rose by 91.4% to Rs.213.87 crore for the Quarter ended December 31, 2018 as against Rs.111.72 crore for the same period of last fiscal
  • Consolidated AUM as of December 31, 2018 stood at Rs. 6085.32 Crore; growth of 49.3% over Q3FY’18
  • Borrower base as of December 31, 2018 grew by 36.6% YoY to 22.61 lakhs as compared to 16.55 lakhs as of December 31, 2017
  • Gross NPA increased marginally to 1.20% for the quarter ended December 31, 2018 as against 1.19% for the same period last fiscal. Net NPA for quarter ended December, 2018 remained at 0.00% which is same as quarter ending December,2017.
  • Added 143 new branches till Q319 as compared to 79 new branches till Q3 FY18. Total branches as on December 31, 2018 stands at 659 across 156 districts in 8 states and 1 union territory
  • Cost to income ratio reduced to 31.9% for the quarter ended December 31, 2018 as against 38.2% for the same period last fiscal
  • RoA and RoE for Q3FY’19 are 6% and 17.7% respectively

Commenting on the performance, Mr. Udaya Kumar Hebbar, Managing Director and CEO of CreditAccess Grameen, said, “The largely untapped market of rural India and huge potential of development provides us exponential growth opportunity and our performance in Q3 FY19 testifies the same. CreditAccess Grameen is on sustained growth path with our borrower base growing by 36.6% to 22.61 lakhs. Penetrating deeper in the rural market, we are now accessible to 156 districts with 659 branches, estimated to serve more than 26 lakh people in and around the area. Going forward, we aim to end this financial year with the same growth momentum and continue to serve rural India with best of our potential.

Corporate Comm India(CCI Newswire)