SKS Microfin PAT up 7%, interest income rises 63%

Written by fe Bureau | Hyderabad | Updated: Oct 21 2014, 08:52am hrs
SKS Microfinance reported a 7% growth in profit-after-tax (PAT) to R56.8 crore in the second quarter. It posted a PAT of R49.3 crore in Q1 this fiscal. The companys portfolio, excluding Andhra Pradesh and Telangana, registered an 8% increase to R3,043 crore from R2,783 crore in Q1 and a 50% growth on a year-on-year basis.

In a release, the company said loan disbursements registered a 73% year-on-year increase to R1,693 crore in Q2 from R978 crore during the same period last year and R1,160 crore in Q1 this year, a 46% sequential growth.

Net interest income saw a 63% year-on-year

growth to R110 crore from R68 crore in Q2 last fiscal, which is a 24% sequential increase from R89 crore in Q1 this fiscal.

Its membership base, excluding Andhra Pradesh and Telangana, witnessed a 28% year-on-year growth to 41.71 lakh in Q2 from 32.62 lakh during the same period last year. The total number of loans disbursed registered a 58% year-on-year increase to 14.04 lakh from 8.89 lakh in Q2 last year with the average loan ticket size being R12,068. As of September 30, 2014, SKS Microfinance had a net worth of R951 crore and capital adequacy of 33.2% (without the Reserve Bank of India dispensation on the Andhra Pradesh and Telangana provisioning). Cash and cash equivalents (excluding security deposit) stood at R530 crore. The unavailed deferred tax benefit of R522 crore will be available to offset tax on future taxable income.