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Motilal Oswal Report
CreditAccess Grameen Ltd.'s delivered a healthy operational performance in Q3 FY24, with ~64% YoY growth in profit after tax to ~Rs 3.5 billion. Net interest income jumped 49% YoY to ~Rs 8 billion, with a stable net interest margin (reported) of ~13.1%.
Pre-provision operating profit grew 59% YoY to ~Rs 6 billion, with scale benefits and positive operating leverage resulting in a cost-income ratio of ~30% (PY: ~36%). Even with ~50 basis point reduction in lending rates from December 2023 onwards, management maintained its net interest margin guidance of 12.7-12.8% and CIR of 31-32%.
We model net interest margin (calculated) and CIR of ~14.1% and ~31%, respectively, in FY25E.
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