The fall in net profit was primarily driven by a considerable provisioning cost of Rs 247 crore in the quarter, influenced by the uncertain macroeconomic environment and recent changes in code of conduct, the company said.
Pre-provision operating profit however rose 40% at Rs 252 crore, backed by higher earnings. Total income stood 18% higher at Rs 681 crore with net interest income rising 23% at R. 420 crore.
Its net interest margin for the quarter stood at 13.3%, up 78 basis points from 12.5% seen in the year ago quarter, despite a 25 bps reduction in lending rate in income-generating loans and a 125 bps cut in third-party product loans during the period. The company reduced rates for income generating loans by 115 bps since January 2024.
“The microfinance industry is experiencing a challenging financial year, shaped by macroeconomic uncertainties and a shifting regulatory landscape,” chief executive Sadaf Sayeed said.
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Its gross loan portfolio grew by 8.3% year-on-year to Rs 12,405 crore while the borrower base grew by 4.5% to 34 lakhs. It opened 58 branches in the third quarter.
Forrás: eredeti cikk
