CreditAccess Grameen November disbursements reach pre-Covid levels

CreditAccess Grameen connected Thursday said its consolidated disbursements reached pre-Covid levels of Rs 1,505 crore successful November, expanding the wide indebtedness publication size by 18% connected a year-on-year ground to Rs 14,071 crore. The microfinance lender had reported its October disbursements astatine Rs 1,371 crore.

The inclination of rising disbursements is successful enactment with the wide maturation successful the microfinance industry. According to a study by Microfinance Institutions Network issued connected Wednesday, non-banking concern companies and microfinance institutions disbursed Rs 19,672 crore of loans for the 4th ended September, up implicit twofolds from the corresponding play a twelvemonth ago.

Giving cardinal concern updates, CreditAccess Grameen said its postulation ratio successful November was unchangeable astatine 94.3%, excluding arrears. Collections were unchangeable contempt little play of festivities and unseasonal rains successful Tamil Nadu and Karnataka, it said.

On the plus prime front, its portfolio astatine hazard past 90 days, which indicates percent of full loans that are overdue by implicit 90 days, stood astatine 5.6% successful November, against 5.5% successful October. The plus prime of its limb Madura Micro Finance (MMFL), however, deteriorated, with loans overdue by 90 days expanding to 9.3% arsenic connected November from 8.7% successful October. The plus prime of MMFL is expected to amended successful the months ahead, CreditAccess Grameen said.

The company’s consolidated subdivision web grew to 1,575 successful November and the lender added 59,930 caller borrowers successful the month. The caller borrower summation complaint is expected to summation owing to expanded subdivision network, the institution said.