CreditAccess Grameen Limited Reports Earnings Results for the Second Quarter and Six Months Ended September 30, 2023
October 20, 2023 at 07:17 am
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CreditAccess Grameen Limited reported earnings results for the second quarter and six months ended September 30, 2023. For the second quarter, the company reported revenue was INR 12,475.9 million compared to INR 8,143.1 million a year ago. Net income was INR 3,470.4 million compared to INR 1,751.5 million a year ago. Basic earnings per share from continuing operations was INR 21.82 compared to INR 11.04 a year ago. Diluted earnings per share from continuing operations was INR 21.69 compared to INR 10.98 a year ago.
For the six months, revenue was INR 24,183.2 million compared to INR 15,748.3 million a year ago. Net income was INR 6,955.1 million compared to INR 3,137 million a year ago. Basic earnings per share from continuing operations was INR 43.74 compared to INR 19.77 a year ago. Diluted earnings per share from continuing operations was INR 43.51 compared to INR 19.68 a year ago.
CreditAccess Grameen Limited is an India-based microfinance company focused on providing micro-loans to women customers predominantly in rural areas. The Company operates in approximately 353 districts in 14 states and one union territory in India through 1,826 branches. The Company operates in a single business segment that is lending to members. Its microfinance group lending products include income generation loan, home improvement loan, family welfare loan and emergency loan. The Company's microfinance individual lending product is Unnati loan. Its retail finance products include grameen vikas loan, grameen two-wheeler loan, gruha vikas loan and grameen swarna loan. The Company's distributor products include grameen suraksha, life insurance and national pension scheme (NPS) - Swavalamban. It has tied up with various insurance service providers, including HDFC Life and Kotak Life to provide insurance coverage to customers and spouse/co-borrowers (applicable for retail finance).