SKS Microfinance is gearing up to set up a small finance bank. Board of directors has approved the proposal to make an application to RBI for small finance bank licence, the company said in a statement. The company would be applying for RBI licence by February.
Meanwhile, SKS reported a 91% rise in the net profit at Rs 41.05 crore the PAT of Rs 21.42 crore. The company’s income from operations in the quarter rose 38% to Rs 184.41 crore. The company said that its portfolio, excluding Andhra Pradesh and Telangana, saw a 35% y-o-y growth to Rs 3,195 crore from Rs 2,364 crore in Q3-FY14.
Loan disbursements stood at Rs 1,544 crore against Rs 1,693 crore in Q2 FY15 (Rs 1,399 crore in Q3-FY14). Net interest income was at Rs 96 crore (Rs 110 crore in Q2 FY15, Rs 68 crore in Q3 FY14).
As of December 31, SKS Micro had a net worth of Rs 998 crore and capital adequacy of 34.6%.