CREDITACCESS GRAMEEN DECLARES DIVIDEND OF ₹10, PROFIT JUMPS 34% TO ₹397 CRORE ON STRONG NII
Microfinance lender CreditAccess Grameen Ltd on Tuesday (May 7) reported a 33.9% year-on-year (YoY) rise in net profit at ₹397 crore for the fourth quarter that ended March 31, 2024. In the corresponding quarter, CreditAccess Grameen posted a net profit of ₹296.6 crore, the company said in a regulatory filing.
Net interest income (NII), which is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, jumped 42.3%, coming at ₹881 crore against ₹619.2 crore in the corresponding quarter of FY23.
The gross non-performing asset (GNPA) stood at 1.18% in the March quarter against 0.97% in the December quarter. Net NPA came at 0.35% against 0.29% quarter-on-quarter. In monetary terms, gross NPA stood at ₹303.7 crore against ₹219.7 crore quarter-on-quarter, whereas net NPA came at ₹90.1 crore against ₹65.7 crore quarter-on-quarter.
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Udaya Kumar Hebbar, Managing Director of CreditAccess Grameen, said, "We ended the FY24, completing 25 years of our operations, on a solid footing having registered 27.0% year-on-year growth in the AUM to ₹ 26,714 crore.
The growth was well supported by a healthy increase in the customer base by 15.3% year-on-year to 49.18 lakh. We added over 13.6 lakh customers during FY24, maintaining our monthly average customer addition run-rate of 1.1 lakh."
The board has declared a one-time final dividend of ₹10 per share (11% dividend payout ratio), subject to shareholders’ approval at the ensuing annual general meeting of the company towards Silver Jubilee Celebrations.
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The results came after the close of the market hours. Shares of CreditAccess Grameen Ltd ended at ₹1,419.00, down by ₹15.75, or 1.10% on the BSE.
2024-05-07T17:07:42Z dg43tfdfdgfd