Satin CreditCare Network, a microfinance provider, announced a 33% year-on-year increase in March quarter standalone net profit to ₹125 Crore, driven by strong business and revenue growth.
The lender's net interest margin for FY24 was 13.2%, beating its projection range of 12-12.5%.
Its interest revenue increased by 55% year on year to ₹492 Crore from ₹318 Crore in FY24, while assets under management increased by 34% to ₹10593 Crore.
The microfinance business is expanding steadily, with strong demand from small borrowers, particularly from the farming community. However, in the future, we will need to maintain a healthy portfolio quality while keeping credit costs under check, Satin chairman HP Singh stated.
Satin's credit cost for the year was 1.44% of total portfolio, and it aims to keep it below 1.5%. Its asset quality improved, with the gross non-performing assets ratio falling to 2.49% at the end of March from 3.28% a year earlier.
In a regulatory filing to stock exchanges, the company stated that they possess on-book provisions totaling ₹164 Crore as of March 31, 2024, constituting 2.1% of the on-book portfolio. This amount exceeds the RBI-mandated provision requirement of ₹148 Crore.
Its net profit for the full fiscal year 24 was ₹423 Crore, which it said was the largest ever and represented a 60% increase. The lender stated that it disbursed over ₹10,000 Crore throughout the year, a record to date, with 6.3 lakh additional borrowers, bringing the overall figure to 34.7 lakh.
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