Satin Creditcare Network Q3 results: Co reports net profit at Rs 34 crore

Kolkata: Microfinance lender Satin Creditcare Network reported a consolidated net profit of Rs 34 crore for the December quarter against Rs 80 crore loss in the year-ago period, owing to a rise in interest income even as its assets under management shrunk.

It also netted about Rs 15 crore on account of gains on the derecognition of financial instruments helping the profit rise.

Its net interest income was at Rs 194 crore compared with Rs 164 crore over the same period. The operating profit was Rs 59 crore while it was Rs 52 crore in the corresponding period in 2020.

"The fourth quarter will be good in terms of business. We have started to build up our portfolio as the number of Covid-19 cases is falling. Last quarter, we took a cautious approach due to the Omicron scare," Satin chairman HP Singh told ET.

The lender said it was inching towards the pre-Covid levels and have majorly disbursed loans to clients with regular repayment cycles and healthy credit history.

Satin's AUM shrank 8.4 per cent to Rs 7218 crore. Its loan disbursement for the quarter too fell at Rs 1,348 crore as compared with Rs 1,822 crore in the year-ago period. Its on-book gross non-performing assets stood at 8.6 per cent.