CreditAccess Grameen Q2 FY23-24 financial highlights revealed

CreditAccess Grameen Limited, recognized as India‘s leading Non-Banking Financial Company-Micro Finance Institution (NBFC-MFI), released its unaudited and limited-reviewed financial metrics for Q2 and H1 of FY23-24. The Gross Loan Portfolio (GLP) witnessed a considerable jump of 36.0% YoY, landing at INR 22,488 crore. Alongside, the Profit After Tax (PAT) climbed by a whopping 98.1% YoY, settling at INR 347 crore.

Breaking Down Q2 FY24’s Business Highlights:

•  GLP’s rise was traced from INR 16,539 crore to the current INR 22,488 crore.
•  The borrower foundation expanded by 21.2% YoY, reaching from 37.98 lakh to 46.03 lakh, dispersed across 1,877 outlets.
•  The Collection Efficiency touched 98.7% (excluding arrears).

Diving Deep into the Financial Dynamics of Q2 FY24:

The quarter saw a total income swell by 53.2% YoY, reaching INR 1,247.6 crore from its prior INR 814.3 crore. Net interest income (NII) observed a surge of 49.6% YoY, with Pre-provision operating profit (PPOP) escalating by 68.3% YoY. The impairment of financial tools decreased by 9.0% YoY. The company boasted a robust liquidity position with INR 2,148.8 crore and secured a commendable Credit Rating.

Q2 FY24: Key Metrics Under the Lens:

Noteworthy YoY growth was recorded across several domains:

•  Gross Loan Portfolio: +36.0%
•  Borrowers: +21.2%
•  Branch Count: +11.5%

Expert Insight from the Managing Director:

Udaya Kumar Hebbar, the helm at CreditAccess Grameen, remarked, “Our business growth remains robust with the addition of 6.64 lakh new clients in H1 FY24. Our Q2 FY24 highlights reveal a 36.0% YoY growth in GLP and a 21.2% YoY surge in customer base. With a Gross NPA at 0.77% and Net NPA at 0.24%, our asset quality stands firm. Moreover, our PAT for the quarter soared by 98.1% YoY to INR 347 crore. Given our performance in H1 FY24, we’ve revised our FY24 guidance across several verticals.”