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Total income jumped 53.21% to Rs 1,247.59 crore in Q2 FY24 as compared with Rs 814.31 crore in corresponding quarter last year.
Net interest income rose 49.6% to Rs 772.0 crore in Q2 FY24 from Rs 516.2 crore in Q2 FY23.
Pre-provision operating profit (PPOP) increased by 68.3 % YoY from Rs 334.4 crore to Rs 562.6 crore.
Net interest margin increased by 111 bps year-on-year to 13.1%. The cost/income ratio decreased by 651 bps to 31.7% YoY, while the Opex/GLP Ratio decreased by 43 bps to 4.7% YoY
Gross Non-Performing Assets (GNPA) decreased 139 bps YoY to 0.77% and Net Non-Performing Assets (NNPA) reduced by 53 bps to 0.24% year on year.
Return on Assets (ROA) expanded by 170 bps to 5.6%, while Return on Equity (ROE) improved 897 bps to 24.7%.
The Gross Loan Portfolio (GLP) experienced a year-on-year growth of 36%, increasing from Rs 16,539 crore in Q2 FY23 to Rs 22,488 crore in Q2 FY24. The number of borrowers expanded by 21.2% compared to the previous year, reaching 46.03 lakh across 1,877 branches. The collection efficiency, excluding arrears, stood at 98.7%.
The decline in impairment of financial instruments was 9.0% year-on-year, decreasing from Rs 105.4 crore to Rs 95.9 crore. The total expected credit loss (ECL) provisions amounted to Rs 343.2 crore, equivalent to 1.60% of Gross Non-Performing Assets (GNPA), The Net Non-Performing Assets (NNPA) further reduced to 0.24 %. Write-offs accounted for Rs 76.5 crore.
Udaya Kumar Hebbar, managing director of CreditAccess Grameen, said, “we have revised our FY24 guidance to achieve a portfolio growth of 24.0%-25.0%, NIMs of 12.7% - 12.8%, credit cost of 1.6% - 1.8%, ROA of 5.4% - 5.6% and ROE of 24.0% - 25.0%. Our responsible lending outline and inimitable services help us to be a preferred choice for millions of clientele and fulfil their credit demand.”
Bengaluru-based CreditAccess Grameen is a microfinance institution, focused on providing micro-loans to women customers predominantly in rural areas across India. The company is now operating in 364 districts in 16 states (Andhra Pradesh, Bihar, Chhattisgarh, Goa, Gujarat, Jharkhand, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Odisha, Rajasthan, Tamil Nadu, Telangana, Uttar Pradesh & West Bengal) and one union territory (Puducherry) through 1,877 branches.
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