CreditAccess Grameen Q3 Net Profit Surges 64% to Rs 353 Crore, Stock Gains 2.5%

20 Jan 2024 , 12:18 PM

CreditAccess Grameen Limited shares rise by 2.5% to Rs 1,717 in morning trade on January 20, following a positive third-quarter performance.

The microfinance firm reports a substantial 64% YoY increase in net profit, reaching Rs 353 crore compared to Rs 215.8 crore in the same period last year.

At the time of writing, the stock trades at Rs 1,680, reflecting a 0.27% increase from the previous close on the NSE. Over the past year, the stock has gained over 87%, surpassing the Nifty by a significant margin.

The company’s Q3 revenue registers a notable 43.3% increase, reaching Rs 850.7 crore compared to Rs 593.5 crore in the corresponding period of the previous fiscal.

Net interest income (NII) sees a substantial 42.4% jump, reaching Rs 1,292.2 crore compared to Rs 907.7 crore in the corresponding quarter.

CreditAccess Grameen demonstrates robust growth in its loan portfolio (GLP), with a 31.5% YoY surge from Rs 17,786 crore to Rs 23,382 crore. The borrower base expands by 19.2% YoY, increasing from 39.38 lakh to 46.93 lakh across 1,894 branches.

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