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.”

  CreditAccess Grameen, Financial Highlights, Financial Results, Gross Loan Portfolio, Growth, India, NBFC-MFI, Profit After Tax, Q2 FY23-24