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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 2023-24.

Business Highlights: Q1 FY24

·       GLP grew by 39.7% YoY from INR 15,615 crore to INR 21,814 crore

·       Borrower base grew by 19.9% YoY to from 36.9 lakh to 44.2 lakh across 1,826 branches

·       Collection Efficiency of 98.7% (excl. arrears)

Financial Highlights: Q1 FY24

·       Total income increased by 53.9% YoY from INR 760.5 crore to INR 1,170.7 crore

·       Net interest income (NII) increased by 65.4% YoY from INR 461.5 crore to INR 763.3 crore

·       Pre-provision operating profit (PPOP) increased by 87.7% YoY from INR 289.7 crore to INR 543.8 crore

·       Impairment of financial instruments declined by 24.3% YoY from INR 100.9 crore to INR 76.4 crore

·   Total ECL provisions were INR 323.7 crore (1.59%) against GNPA (largely @ 60+ dpd) of 0.89%, and PAR 90+ of 0.70%. NNPA further reduced to 0.27%

·   Write-offs were INR 100.5 crore

·       Profit After Tax (PAT) increased by 151.5% YoY from INR 138.6 crore to INR 348.5 crore

·       Robust liquidity of INR 2,034.5 crore of cash, cash equivalents and investments, 8.9% of the total assets

·       Healthy capital position with a CRAR of 24.4%

·       Credit Rating: AA-/Stable by ICRA & India Ratings, A+/Positive by CRISIL

Commenting on the performance, Mr. Udaya Kumar Hebbar, MD and CEO of CreditAccess Grameen, said, “We have entered the 25th year of excellence in women empowerment with strong business momentum in the first quarter on the back of a growing rural economy. We aim to soon surpass INR 25,000 crore loan portfolio mark during the 25th year of our operations. The next 4-5 years will see us doubling our loan portfolio to over INR 50,000 crore as per our business plan by leveraging our solid foundation and leadership position in the microfinance industry. Our gross loan portfolio grew 39.7% YoY to INR 21,814 crore at the end of June 2023. We have added 3.28 lakh customers in the first quarter leading to a total customer count of 44.23 lakh. Our philosophy of deep rural presence with disciplined operational measures continues to reward us as the collection efficiency (excluding arrears) stood at 98.7% at the end of Q1 FY24.

With the best-in-class-asset quality, our PAT grew 151.5% YoY and 17.5% QoQ to Rs. 348 Crore during Q1 FY24. This has resulted in RoA of 5.8% and RoE of 26.4%. We are confident of achieving our annual performance guidance for FY24 given the growth momentum gained in the first quarter. We have remained grounded and faithful to our core values resulting in moving north in our humble journey. Our strong fundamentals and work ethics support us towards our vision of being the preferred financial partner of low-income households.”

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