CreditAccess Grameen Limited Reports Earnings Results for the Third Quarter and Nine Months Ended December 31, 2023
January 19, 2024 at 06:20 am EST
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CreditAccess Grameen Limited reported earnings results for the third quarter and nine months ended December 31, 2023. For the third quarter, the company reported revenue was INR 12,952.3 million compared to INR 9,097.2 million a year ago. Net income was INR 3,533.4 million compared to INR 2,157.6 million a year ago. Basic earnings per share from continuing operations was INR 22.2 compared to INR 13.59 a year ago. Diluted earnings per share from continuing operations was INR 22.05 compared to INR 13.53 a year ago.
For the nine months, revenue was INR 37,135.4 million compared to INR 24,845.4 million a year ago. Net income was INR 10,488.4 million compared to INR 5,294.6 million a year ago. Basic earnings per share from continuing operations was INR 65.95 compared to INR 33.36 a year ago. Diluted earnings per share from continuing operations was INR 65.56 compared to INR 33.21 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).