Bharat Financial Inclusion Limited registers 46% YoY growth in Gross Loan Portfolio to Rs. 15,482crore in Q2-FY19
Bharat Financial Inclusion Limited, the largest microfinance company in India, today announced a 46% year-on-year growth (12% quarter-on-quarter growth) in its Gross Loan Portfolio to Rs. 15,482crore in Q2-FY19 (Rs. 10,583crore in Q2-FY18, Rs. 13,832 crores in Q1-FY19).
Bharat Financial Inclusion Limited registered a 31% year-on-year growth in the number of customers to 82.73 lakh (from 63.36 lakh customers in Q2-FY18).
“Bharat Financial Inclusion Limited’sGross Loan Portfoliogrowth of 46% year-on-year is primarily driven bycustomer acquisition. The customer base grew by 31% year-on-yearwith the addition of 10.5 lakh customers in Q2-FY19.”said M.R. Rao, CEO and Managing Director, Bharat Financial Inclusion Limited.
The Company’s loan disbursements have shown a 64% year-on-year growth and a 13% quarter-on-quarter growth to Rs. 7,049 crore in Q2-FY19 (Rs. 6,260 crore in Q1-FY19 and Rs. 4,288 crore in Q2-FY18).
Bharat Financial Inclusion Limited registered a 42% year-on-year growth in incremental drawdowns to Rs. 3,587 crore in Q2-FY19 (Rs. 2,529 crore in Q2-FY18) including securitization and assignment transactions.The Company also originated Rs. 1,491crore under managed portfolio and completed two assignmenttransactions and one securitization transaction of Rs.1,354 crore and Rs. 539 crore respectively in Q2-FY19.
During the quarter, marginal cost of borrowings stood at 8.7%.
The Company had a net worth of Rs. 3,602 crore (higher by Rs. 117 crore incomparison to GAAP net worth) and a capital adequacy of 31.3% as of September 30, 2018 (compared to the RBI requirement of 15% capital adequacy). Cash and cash equivalent stood at Rs. 302 crore as of September 30, 2018.
Bharat Financial Inclusion Limited has no exposure to money market instruments such as CPs and NCDs.
The Company has a positive Asset-Liability gap for all intervals up to one year. Bharat Financial Inclusion Limited’sassets maturity is 6.5 months while liabilities maturity is 8 months as on September 30, 2018.
The Company registered a cumulative collection efficiency of 99.6% for loans disbursed between January 1, 2017 and September 30, 2018 amounting to Rs. 35,683crore. Gross NPA (>60 days overdue) and Net NPA stood at 0.4% and 0.1% respectively in Q2-FY19.
As per Ind AS, Bharat Financial Inclusion Limited’s profit after tax for Q2-FY19 is Rs.233crore (Rs. 142 crore in Q1-FY19 and Rs. 135 crore in Q2-FY18). As per previous GAAP, profit after tax for Q2-FY19 is Rs. 212 crore (Rs. 190 crore in Q1-FY19 and Rs. 119 crore in Q2-FY18)
The Company reported a deferred tax asset of Rs.32crore and a MAT credit of Rs. 178crore as on September 30, 2018.
About Bharat Financial Inclusion Limited:
Bharat Financial Inclusion Limited is among the largest microfinance companies in India with presence across 18 states covering 1,00,000 villages. The states include: Karnataka, Maharashtra, Odisha, Madhya Pradesh, Bihar, Uttar Pradesh, Rajasthan, Uttaranchal, Haryana, West Bengal, Jharkhand, Chhattisgarh, Kerala, Punjab, Himachal Pradesh,Delhi,Tripura and Tamil Nadu. The Company’s mission is to provide financial services to the economically weaker sections.