CreditAccess Grameen gained 2.33% to Rs 944.9 after the company announced decent business update for March 2022.
The micro finance institution's gross loan portfolio grew 22.2% year on year to Rs 16,601 crore in March 2022 as compared to March 2021. Gross Loan Portfolio of Madura Micro Finance (MMFL) grew 27.7% year on year to Rs 2,869 crore in March 2022.Total disbursements stood at Rs 2,257 crore in March 2022, out which disbursement made by MMFL were at Rs 432 in March 2022. The micro finance had disbursed a total of Rs 1,746 crore in February 2022.
The NBFC saw improvement in asset quality on PAR front. Portfolio At Risk (PAR) is the percentage of gross loan portfolio that is at risk. As on March 2022, PAR 30 stood at 3% as compared to 5% in February 2022, PAR 60 stood at 2.6% in March 2022 as against 4.5% in February 2022, PAR 90 stood at 2.3% in March 2022 as against 4.1% in February. The NBFC said it registered a write off Rs 243.3 crore in March 2022 as per policy.
MMFL also registered an improvement is asset quality. As on March 2022, PAR 30 stood at 7.5% versus 9.8% in February 2022, PAR 60 stood 6% as compared to 7.9% in February 2022 while PAR 90 was at 4.9% in March as compared to 6.6% in February.
On the operational front, the micro finance lender's branch network grew by 15% YoY to 1,638 branches in March 2022.
CreditAccess Grameen is a microfinance institution focused on providing micro-loans to women customers predominantly in rural areas across India.
The micro finance company reported a standalone net profit of Rs 129.2 crore in Q3 FY22 as against a net loss of Rs 71.6 crore in Q3 FY21. Net Interest Income increased by 40.4% YoY to Rs 349.4 crore during the quarter. Net interest margin was 11.7% in Q3 FY22 as against 8.7% in Q3 FY21.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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