CreditAccess Grameen Q2: CreditAccess Grameen Q2 Outcomes: Internet revenue surges 98% YoY to Rs 347 crore

Kolkata: India’s largest non-banking monetary company-micro finance establishment (NBFC-MFI) CreditAccess Grameen on Friday reported a 98% year-on-year leap in web revenue at Rs 347 crore, on the again of sturdy enterprise progress.

The web revenue was Rs 175 crore within the 12 months in the past quarter.

The lender’s whole earnings rose by 53% at Rs 1,248 crore whereas web curiosity earnings rose practically 50% at Rs 772 crore.

Pre-provision working revenue elevated by 68% at 563 crore.

“We proceed to witness sturdy enterprise progress led by wholesome new buyer additions as we onboarded 3.36 lakh new prospects within the second quarter,” managing director Udaya Kumar Hebbar stated.

The NBFC-MFI’s gross mortgage portfolio grew 36% year-on-year to Rs 22,488 crore whereas the shopper base expanded 21% to 46.03 lakh on the finish of September.

It introduced a 9% fall in impairment of economic devices to Rs 96 crore whereas whole provisions based mostly on anticipated credit score loss had been Rs 343 crore, which is 1.6% of the gross loans. Gross non-performing property ratio was 0.77% whereas web NPA was 0.24%. The lender has written off unhealthy loans amounting to Rs 76.5 crore from the steadiness sheets.

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