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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.
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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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