Total income for India’s largest NBFC-MFI rose 13.6% at Rs 825 crore against Rs 726 crore on healthy business growth. Its consolidated gross loan grew 22% year-on-year to Rs 16,599 crore.
Its consolidated net interest margin was at 10.9%.
“We have successfully navigated FY22, achieving our annual performance guidance on the back of our robust operational controls and catering to pent-up demand in rural India,” managing director Udaya Kumar Hebbar said. “The rural economy is showing strong signs of rebound coupled with an expected good monsoon providing a boost to the fortunes,” he said.
Its standalone collection efficiency in March was seen at 96% excluding arrear payments. Collection efficiency for Madura Micro Finance, which is in the process of getting merged with CreditAccess, was at 92% for the same month.
The consolidated operating profit rose by 12% at Rs 369 crore against Rs 329 crore. The lender made a provision of Rs 534 crore against expected credit loss while gross non-performing assets ratio was 3.61%.
The lender expanded its branch network by 15% in the year to 1,635 with 42 new branches opened primarily in newer markets as a sign of restored business confidence. It also added nearly 3 lakh new borrowers, in sync with fresh demand for loans.