CreditAccess Grameen Achieves ₹25,000 Crore AUM Milestone

26 Feb 2024 , 03:13 PM

The largest Non-Banking Financial Company-Micro Finance Institution (NBFC-MFI) in the nation, CreditAccess Grameen, has reached a significant milestone by reaching ₹25,000 Crore in asset under management (AUM) in its 25th year of operation.

In a regulatory filing, CreditAccess Grameen stated that strong customer additions were driving the AUM growth, which was consistent with the annual growth projection of 24–25%.

‘The vast rural growth potential bodes well for our business as we continue to cover the length and breadth of the country to be the preferred financial partner to low-income households,’ stated Udaya Kumar Hebbar, Managing Director of CreditAccess Grameen. We are confident that by capitalizing on our position as the lowest-cost lender in the microfinance sector, we can continue to develop in a sustainable manner.

The organization’s idea of changing with consumers is underscored by Ganesh Narayanan, CEO of CreditAccess Grameen, who said, ‘In line with our philosophy of evolving with customers, we have now scaled our retail finance book to over ₹600 Crore.’ 

With its main office located in Bengaluru, CreditAccess Grameen is an Indian microfinance company that specializes in lending small amounts of money to women, mostly in rural India.

The company has 1,894 branches and operates in 367 districts across 16 states (Andhra Pradesh, Bihar, Chhattisgarh, Goa, Gujarat, Jharkhand, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Odisha, Rajasthan, Tamil Nadu, Telangana, Uttar Pradesh, & West Bengal) as of December 2023.

The market capitalization rank of CreditAccess Grameen stock is 17 in the NBFC industry. It is valued at ₹23,398.08 Crore on the market. 

The company reported a 63.8% YoY increase in net profit at ₹353.4 Crore for the December 2023 quarter.

The difference between a bank’s interest income from lending activities and the interest it pays to depositors is known as net interest income (NII), and it increased 42.4% to ₹1,292.2 Crore in Q2 of FY24 from ₹907.7 Crore. 

The shares of CreditAccess Grameen began 0.4% higher on the BSE on Monday, February 26 at ₹1,477.15.

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