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Bharat Financial Inclusion Q2 profit more than doubles to Rs 308 crore

Kolkata: India's largest microfinance firm Bharat Finan..

Kolkata: India's largest microfinance firm Bharat Financial Inclusion said its net profit more than doubled at Rs 308 crore in the September quarter, compared with Rs 143 core in the year ago period.

The profit was bouyed by a 46% year-on-year growth in gross loan portfolio to Rs 15,482 crore and healthy repayment of loans.

“Our gross loan portfolio growth is primarily driven by customer acquisition. The customer base grew by 31% year-on-year with the addition of 10.5 lakh customers in second quarter,” said managing director M R Rao.

The MFI said its cumulative collection efficiency for loans disbursed between January 1, 2017 and September 30, 2018 was 99.6%. Gross NPA for more than 60 days overdue stood at 0.4% at the end of September.

During the quarter, its marginal cost of borrowings stood at 8.7%.

The company said it has no exposure to money market instruments such as commercial papers and bonds. "The company has a positive asset-liability gap for all intervals up to one year. Our assets maturity is 6.5 months while liabilities maturity is 8 months as on September 30," it said in a filing to stock exchanges.

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