The country’s largest microfinance company, Bharat Financial net profit looks to grow 3 times on steady business growth.
- It’s net profit for the quarter June nearly triples to Rs. 142 crores compared by Rs. 48 crores in the last year ago period.
- For the first quarter, profit before tax was Rs. 245 crores against the loss of 37 crores in 2017.
- After 1st, January 2017 the company’s cumulative efficiency reaches 99.8% for loans disbursed. From last quarter, the marginal cost of borrowing is reduced from 20 basis points to 8.4 %.
- In the 1st quarter, it’s weighted average cost of borrowing was 9.2 % while it lends at 19.75 % in a year. Its net non-performing assets stood at 0.1 %.
- It grew business 44 % year-on-year to Rs 13,832 crore.
- On Thursday, stock ultimately settled to 0.25% higher to Rs. 1193 on BSE and Sensex closed to 0.34% higher at Rs 36984.64.Its provision and write off requirement halved to Rs 16 crore.
- MFI added 10.6 lakh borrower-members in the quarter to 78 lakhs.
- Even it is in the process of being combined with Indusland bank and has received the clearance of RBI and SEBI for it.
- After combining, Bank will transfer the employee and operations into a wholly-owned subsidiary for making it a captive business reporter.
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