Bharat Financial Inclusion Reported Three-Times Growth in Q1
On Friday, it was reported that the Bharat Financial Inclusion revealed that the company has seen three times growth in the net profit in Q1, when compared to last year’s data. Bharat Financial Inclusion is country’s largest microfinance company.
It was also revealed that for the June quarter, the net profit of the company stood at Rs 142 crore compared with Rs 48 crore in the corresponding period last year ago. The profit before tax of the company was Rs 245 crore.
In the year 2017, during the corresponding period, company had reported a loss of Rs 37 crore. The cumulative collection efficiency of the company reached 99.8 per cent for loans disbursed after January 1, 2017, while its marginal cost of borrowings reduced 20 basis points to 8.4 per cent from the previous quarter.
During the first quarter of 2018, the weighted average cost of borrowing was 9.2 per cent. However, in the first quarter of last year, company lends at 19.75 per cent. Bharat Fin’s net non-performing assets stood at 0.1 per cent.
It was reported by the company that its provision and write off requirement halved to Rs 16 crore with improvement in asset quality and better repayment record.