The lender said the higher provision was needed as it aligned its wholly-owned Madura Micro Finance’s (MMFL) provisioning policy with that of itself as a part of the integration process and merger.
Its consolidated gross loan portfolio rose 19 per cent to Rs 13,333 crore. The collection efficiency further improved to 93.3 per cent in September for CreditAccess Grameen and 87 per cent for MMFL.
“The signs of significant rebound in the rural economy during the September quarter augured well for our company as we were able to disburse Rs 3,890 crore (compared with Rs 1648 crore in the year-ago period) and contribute to the rural capital creation story across the country,” managing director Udaya Kumar Hebbar said.
The company opened 121 branches across the country and acquired 1.4 lakh new borrowers in the reporting quarter.
Its total income rose 7.2 per cent at Rs 618.6 crore with net interest income rising 11.5 per cent at Rs 369 crore. Operating profit rose 11 per cent at Rs 218.7 crore.
CreditAccess Grameen has its gross NPA at 7.2 per cent on standalone basis on a portfolio of Rs 11184 crore while MMFL’s gross NPA stood at 10.2 per cent on a portfolio of Rs 2148 crore.
