Satin Creditcare Q2 profit surges over three-fold as asset quality improves
Satin Creditcare Network reported a more than three-fold rise in consolidated net profit to Rs 176 crore in the second quarter, helped by lower microfinance provisions, portfolio growth and improved asset quality. Its gross NPA ratio improved to 1.9% from 3.5% a year earlier, signalling a recovery from earlier stress.
Kolkata: Microfinance company Satin Creditcare Network reported an over three-fold surge in consolidated net profit at Rs 176 crore for the second quarter as compared with Rs 53 crore in the year ago period, signalling the recovery from asset quality stress. The standalone profit stood at Rs 172 crore against Rs 52 crore.Its pre-operating consolidated profit grew 53% year-on-year at Rs 324 crore against Rs 212 crore.
