CreditAccess Grameen jumps on eyeing around 25% growth in loan sales in FY24
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CreditAccess Grameen is currently trading at Rs. 1401.00, up by 27.20 points or 1.98% from its previous closing of Rs. 1373.80 on the BSE.
The scrip opened at Rs. 1362.05 and has touched a high and low of Rs. 1409.80 and Rs. 1362.05 respectively. So far 7887 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1502.30 on 01-Aug-2023 and a 52 week low of Rs. 834.10 on 31-Jan-2023.
Last one week high and low of the scrip stood at Rs. 1416.55 and Rs. 1362.05 respectively. The current market cap of the company is Rs. 22350.80 crore.
The promoters holding in the company stood at 66.77%, while Institutions and Non-Institutions held 21.47% and 11.77% respectively.
CreditAccess Grameen is eyeing around 25 per cent on-year growth in loan sales, taking the overall assets to around Rs 27,000 crore this fiscal (FY24). The company closed FY2022-23 with a loan book of Rs 21,000 crore and a net income of Rs 830 crore, which it expects to jump 75 per cent on year to Rs 1,300-1,400 crore this fiscal, as it expects the margin to continue to firm at the current level of 10-12.5 per cent.
In the June quarter, it booked 151.5 per cent growth in net income at Rs 348 crore on lower provisioning as the asset quality improved. Overall loan book of the Bengaluru-based lender grew 39.7 per cent to Rs 21,814 crore from Rs 15,615 crore a year ago and Rs 21,000 crore in March 2023. Total income rose 53.9 per cent to Rs 1,170.7 crore, and the key net interest income rose 65.4 per cent to Rs 763.3 crore.
CreditAccess Grameen is a leading Indian micro-finance institution headquartered in Bangalore, focused on providing micro-loans to women customers predominantly in Rural Areas in India.
