Satin Creditcare's net profit at Rs60 crore in June quarter

4 Aug 2022 , 08:07 AM

In the three months that concluded in June 2022, Satin Creditcare Network reported a net profit after tax of Rs60 crore, driven mostly by increasing credit disbursals. The microlender reported a net loss of Rs71 crore the previous year.

According to a press release from the company, net interest income increased to Rs512 crore between April and June of 2022—23 from Rs157 crore during the same period in 2021—22.

At the end of June 2022, the company’s Assets Under Management (AUM) were lower at Rs6,389 crore. A year ago, the amount was Rs6,444 crore.

According to the statement, “Our consolidated disbursement for the quarter stood at Rs1,709 crore as against Rs282 crore in Q1FY22 and Rs1,900 crore in Q4FY22.”

In terms of breakdown, microfinance disbursement totalled Rs1,540 crore in the June quarter compared to Rs235 crore in the previous year. It was less than the previous quarter’s Rs1,592 crore, which ended in March 2022, though.

Satin Creditcare Network’s chairman and managing director, HP Singh, stated that the organization has seen very strong demand from its clients along with reignited interest from the industry and lenders.

He said that the business has made enough preparations to deal with any eventuality in its portfolio and that its P&L (Profit & Loss) is protected from any future hardship.