Spandana Sphoorty Financial Profit Soars 79% to Rs 127 Crore

Mumbai, Jan 22 (PTI) Microlender Spandana Sphoorty Financial on Monday reported a 79 per cent jump in net profit at Rs 127 crore in the October-December quarter of current fiscal on improved asset quality, loan growth and higher interest income.

The Hyderabad-based lender said its income jumped to Rs 657 crore, up 75 per cent, in the quarter under review from Rs 375 crore registered during the same period of last fiscal.

Its net interest income also grew by 60 per cent to Rs 407 crore in October-December period.

Loan book grew 52 per cent to Rs 10,404 crore at the end of the reporting period from Rs 6,852 crore a year ago, while net disbursement went up 8 per cent to Rs 2,543 crore on addition of 3.4 lakh customers.

The lender's total borrower count rose to 29.6 lakh.

Asset quality improved with gross bad loan ratio declining to 1.51 from 5.31 and net bad loans ratio to 48 basis points from 2.52, Shalabh Saxena, managing director of the company said in a statement.

He further said the company's provision coverage ratio stood at 70.45.

We continue to execute on our strategy of customer acquisition led growth as reflected in the healthy addition of about 3.4 lakh borrowers during the quarter, thus taking the customer acquisition for this year to 9.5 lakh, he added.