SKS Microfinance Ltd has posted a net profit of Rs. 84.46 crore in the quarter ended March, an increase of 108 per cent compared to the Rs.40.53 crore the company had posted last year.
The total income during the quarter under review was Rs.329.76 crore, an increase of 67 per cent over the corresponding period of previous fiscal’s Rs.197.61 crore. For the full fiscal, the net profit of the company rose 61 per cent to Rs.302.98 crore (Rs.187.66 crore), while the total income also went up by 61 per cent to Rs.1,169.13 cr (Rs.723.95 cr).
A release from SKS Microfinance said during the fourth quarter the gross loan portfolio, excluding the states of Andhra Pradesh and Telangana, registered an 84 per cent growth to Rs.7,677 crore (Rs.4,171 crore). The company’s marginal cost of borrowing reduced to 9.2 per cent in the quarter from 9.9 per cent in the third quarter. It added 8.45 lakh borrowers during the full fiscal and ended the year with a borrower base of 46.37 lakh.
Name change
At their meeting on Wednesday the Board of Directors decided to change the corporate name to Bharat Financial Inclusion Ltd. The change was subject to relevant regulatory and corporate approvals. “The decision has been taken in view of the fact that the company's core has undergone a transformation equipping it to play a major complimentary role in fulfilling the national priority of financial inclusion,” a release said.
