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Satin Creditcare Q2 net profit down 37 pc at Rs 46 cr

Satin Creditcare Q2 net profit down 37 pc at Rs 46 cr

New Delhi, Nov 14 (PTI) Microfinance lender Satin Creditcare Network (SCNL) Wednesday reported a 37 per cent decline in consolidated net profit at Rs 46.12 crore for the September quarter.SCNL had posted a net profit of Rs 73.35 crore in the corresponding July-September period of the previous fiscal.The micro-lender improved on its asset quality, with gross non-performing assets (NPAs) standing at 4.45 per cent of the gross advances as on September 30, 2018, down from 11.08 per cent in the year ago period. Net NPAs fell to 2.21 per cent from 3.68 per cent earlier. Total income of the company increased to Rs 365.21 crore in the second quarter of 2018-19 from Rs 247.07 crore in the same period of 2017-18, the company said in a regulatory filing. The gross loan portfolio for the second quarter reached Rs 6,191.4 crore, an increase of 37.8 per cent from a year ago, SCNL said in a release. The company's Chairman and Managing Director H P Singh said: "The company has sustainable liquidity where we have already raised 80 per cent of the fund requirement for FY19 till date with further sanctions in pipeline. We are maintaining a strong asset liability maturity (ALM) to keep the strategic growth plans on track." The company is building a strong loan book through its Business Correspondence partnership with IndusInd Bank, which accounts for 4 per cent of the total portfolio, he said. "At the same time, we are also diversifying into verticals such as MSME and housing finance. This will be important to enhance the quality of our portfolio in the long run," he added. Stock of SCNL closed at Rs 208 on BSE, down 2.89 per cent. PTI KPM ABMABM