CreditAccess Grameen Q2 profit jumps fourfold to Rs 502 crore

What happened: CreditAccess Grameen, the country's largest NBFC-MFI, reported Q2 profit of Rs 502 crore, a fourfold jump, and revised its return on assets and return on equity guidance upwards. Key numbers: Profit Rs 502 crore. Total income Rs 1905 crore, up 26% from Rs 1509 crore. Total expenses Rs 1234 crore versus Rs 1340 crore. Why it matters: The lender raised its profitability guidance and reported a sharp fall in gross NPAs alongside lower credit risk provisions, while management set out AUM growth and credit cost targets for the year.

CreditAccess Grameen, the country's largest NBFC-MFI, reported Q2 profit of Rs 502 crore, a fourfold jump, and revised its return on assets and return on equity guidance upwards.

The lender raised its profitability guidance and reported a sharp fall in gross NPAs alongside lower credit risk provisions, while management set out AUM growth and credit cost targets for the year.