Satin Creditcare Network Limited registers profit after tax of Rs. 71 cr
New Delhi: Satin Creditcare Network Limited, a leading microfinance company in the country, today announced a 51 per cent YoY growth in its PAT at Rs 71 crore for Q3FY19 (Rs 47 Cr in Q3FY18). The company recorded a profit before tax (PBT) of Rs 117 Cr for Q3FY19, up by 58 per cent YoY (Rs 74 Cr in Q3FY18). RoA and RoE for the quarter stood at 4.2 per cent and 27.6 per cent respectively on consolidated basis. The results were taken on record at the meeting of the Board of Directors here today.
Speaking on the company's performance during the quarter, Mr. H P Singh, Chairman and Managing Director, Satin Creditcare Network Limited said, “Our Q3FY19 profits are a result of our focus on quality lending. To achieve this, we have curated our business strategy on four core pillars; geographical expansion, portfolio diversification, asset quality and strategic partnership with financial institutions. This quarter we have commenced our microfinance operations in South and established our journey as Pan-India player.”
He further added, “In Q3FY19, we have received NBFC license for Satin Finserv Limited. We will now focus on building our MSME book, which is currently a huge business opportunity. Riding the digital wave, Satin has invested into technology to become the first microfinance company to foray in Fintech. In Q3FY19, we launched Loan Dost, an app based digital lending platform to target millennials.”
“The fourth pillar is our strategic partnership with banks and other large financial institutions. We have completed Securitization and Direct Assignment transactions worth Rs 1,301 Cr during FY19,” Mr. Singh added.
The collection efficiency of loans disbursed since Jan’18 was at 99.5 per cent, comprising 78 per cent of the portfolio. Satin Creditcare Network Limited has been focusing on technology investment to enable cashless disbursements and digital documentation at its branches. As a result, 100 branches now enabled to make cashless disbursements.
Summary of Business Performance:
On consolidated basis
Gross loan portfolio at Rs 6,208 Cr – an increase by 27 per cent Year over Year (YoY)
During the quarter, a total of 52 new branches were started, taking the total number of branches to 1,118 as of Dec’18 – an increase of 25 per cent YoY and 5 per cent QoQ
Drawdowns witnessed a YoY increase of 65per cent to Rs 3,829 crores for the period ending Dec’18, including Securitization and Assignment transactions of Rs 1,301 crores
Received NBFC license for Satin Finserv Ltd., Satin’s MSME arm
First MFI to foray into fintech with “Loan Dost”, an app based digital lending platform
Commenced microfinance operations in Tamil Nadu, Pondicherry and Karnataka in Q3FY19
Disclaimer: This article has not been edited by Deccan Chronicle and is taken from a syndicated feed. Photos: NewsVoir.
