Gross Loan Portfolio of INR 26,304 crore, up 20.6% YoY Pre-provision Operating Profit of INR 709 crore, up 30.4% YoY
Profit After Tax of INR 398 crore, up 14.1% YoY
ROA of 5.4%, ROE of 23.5%, GNPA of 1.46%, NNPA of 0.45%
Bengaluru, 19th July 2024: CreditAccess Grameen Limited (NSE: CREDITACC, BSE: 541770, ‘CA Grameen’), the country’s largest Non-Banking Financial Company-Micro Finance Institution (NBFC-MFI), today announced its unaudited and limited reviewed financial performance for the first quarter of the financial year 2024-25.
Business Highlights: Q1 FY25
· GLP grew by 20.6% YoY from INR 21,814 crore to INR 26,304 crore
· Borrower base grew by 12.7% YoY from 44.23 lakh to 49.84 lakh across 1,976 branches
· Collection Efficiency of 97.8% (excl. arrears)
Financial Highlights: Q1 FY25
· Total income increased by 29.2% YoY from INR 1,170.7 crore to INR 1,512.6 crore
· Net interest income (NII) increased by 24.8% YoY from INR 763.3 crore to INR 952.5 crore
· Pre-provision operating profit (PPOP) increased by 30.4% YoY from INR 543.8 crore to INR 709.3 crore
· Impairment of financial instruments increased by 128.5% YoY from INR 76.4 crore to INR 174.6 crore
o Total ECL provisions were INR 583.6 crore (2.29%) against GNPA (largely @ 60+ dpd) of 1.46%, and PAR 90+ of 1.13%. NNPA stood at 0.45% and write-offs were INR 94.4 crore
· Profit After Tax (PAT) increased by 14.1% YoY from INR 348.5 crore to INR 397.7 crore
· Robust liquidity of INR 2,094.6 crore of cash, cash equivalents, and investments, 7.6% of the total assets
· Healthy capital position with a CRAR of 25.2%
· Credit Rating: AA-/Stable by CRISIL, ICRA & India Ratings
Key Metrics: Q1 FY25
| Particulars | Q1 FY25 | Q1 FY24 | YoY % |
| Gross Loan Portfolio (INR Cr) | 26,304 | 21,814 | +20.6% |
| Borrowers (Lakh) | 49.84 | 44.23 | +12.7% |
| Branches | 1,976 | 1,826 | +8.2% |
| Particulars (INR Cr) | Q1 FY25 | Q1 FY24 | YoY% |
| Net Interest Income (NII) | 952.5 | 763.3 | +24.8% |
| Pre-Provision Operating Profit (PPOP) | 709.3 | 543.8 | +30.4% |
| Profit After Tax (PAT) | 397.7 | 348.5 | +14.1% |
| Key Ratios | Q1 FY25 | Q1 FY24 | YoY% |
| Interest Spread | 11.2% | 11.2% | +1 bps |
| Net Interest Margin (NIM) | 13.0% | 13.0% | 0 bps |
| Cost/Income Ratio | 29.2% | 30.8% | -157 bps |
| Opex/GLP Ratio | 4.4% | 4.5% | -10 bps |
| Gross NPA | 1.46% | 0.89% | +56 bps |
| Net NPA | 0.45% | 0.27% | +18 bps |
| Return on Assets (ROA) | 5.4% | 5.8% | -40 bps |
| Return on equity (ROE) | 23.5% | 26.4% | -290 bps |
Commenting on the performance, Mr. Udaya Kumar Hebbar, Managing Director of CreditAccess Grameen, said, “We continue to maintain consistent performance in our return ratios as we delivered RoA>5% and RoE>20% for the 6th consecutive quarter while being the lowest-cost lender to our customers. This speaks volumes about our operational excellence and the dedication of our seasoned team. We remain committed to delivering sustainable growth and creating lasting value for our stakeholders in the dynamic landscape of microfinance.”
Mr. Ganesh Narayanan, Chief Executive Officer of CreditAccess Grameen, remarked, “We successfully navigated a seasonally moderate period for microfinance by leveraging our strong fundamentals. We have strengthened our underwriting standards by aligning the ECL provisioning policy based on district-specific risk and customer vintage, improving from earlier state-specific criteria. Given our commitment to responsible lending practices, we are moving to a district-based pricing regime benefiting our customers. We are confident of achieving our annual performance guidance for FY25.”
