CreditAccess Grameen reports 75% jump in PAT for FY24 at Rs 1,446cr
CreditAccess Grameen Limited, India’s leading Non-Banking Financial Company-Micro Finance Institution (NBFC-MFI), unveiled its financial performance for the fiscal year ending March 31, 2024, showcasing significant growth and robust profitability. The company reported a Gross Loan Portfolio of INR 26,714 crore, marking a 27% year-over-year increase, and a Profit After Tax (PAT) for FY24 at INR 1,446 crore, which is a 75% increase from the previous year.
In the fourth quarter alone, CreditAccess Grameen achieved a PAT of INR 397 crore, up 33.9% year-over-year, with a Pre-provision Operating Profit of INR 683 crore, showing a 35.8% increase. The company also reported impressive annual returns with a Return on Assets (ROA) of 5.7% and a Return on Equity (ROE) of 24.9% for the fourth quarter.
The financial highlights include a substantial rise in total income, from INR 1,066.2 crore in Q4 FY23 to INR 1,459.1 crore in Q4 FY24, and a Net Interest Income (NII) increase of 33.7% year-over-year. Additionally, CreditAccess Grameen marked its 25th anniversary with special initiatives, including a one-time dividend of INR 10 per share and recognition as a “Great Place to Work.”
CreditAccess Grameen reports strong FY24 performance with a 75% increase in PAT and a 27% growth in its loan portfolio.
Udaya Kumar Hebbar, Managing Director of CreditAccess Grameen, commented on the results, stating, “We ended the FY24 on a solid footing, having registered significant growth in AUM and customer base. Our consistent performance, even amid external shocks, underscores our strong governance and strategic approach.”
As CreditAccess Grameen looks towards FY25, they aim to maintain a loan portfolio growth of 23%-24%, aiming for an ROA of 5.4%-5.5% and an ROE of 23.0%-23.5%, ensuring continued financial stability and growth.
This financial year’s results not only highlight CreditAccess Grameen’s resilience and operational excellence but also its commitment to inclusive finance, further strengthening its position in the microfinance sector.