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KRChoksey Report
CreditAccess Grameen Ltd. has reported consolidated total income of Rs 3.9 billion and profit after tax (PAT) after minority interest reported at Rs 72.1 crore.
Consolidated gross loan portfolio (GLP) has grown by 53.9% YoY to Rs 117.2 billion. According to management, lifting of lockdown to support further advances growth.
Standalone net interest income reported at Rs 3 billion (26% YoY, 6% QoQ) for Q1 FY21 backed by net interest margins at 12.6%. Total income reported at Rs 3.3 billion (29% YoY, 11% QoQ) along with 73% YoY growth in non-interest income at Rs 22.4 crore (94% QoQ).
Standalone pre-provision profit reported at Rs 2.2 billion (37% YoY, 32% QoQ) backed by improved operating efficiency where cost to income ratio was at 31% from 41.9% in March 2020 and 35.4% in June 2019.
Opex/GLP ratio also improved from 4.8% in June 2019 to 4.1% in June 2020. PAT has lowered by 33.6% YoY due to additional Covid-19 provisioning of Rs 1.4 billion for the quarter where PAT reported at Rs 63.6 crore.
Asset quality is stable with gross non-perforning asset of 1.62% and net non-performing asset of 0.0%. Capital adequacy is stable at 23.7%. Its collection efficiency improved to 74% of June 2020 and 76% in Jul 2020.
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