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    Satin Creditcare Network Q3 profit jumps 51% YoY

    Synopsis

    Satin's collection efficiency of loans disbursed after January last year reached 99.5%.

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    Satin's collection efficiency of loans disbursed after January last year reached 99.5%.

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    Kolkata: Satin Creditcare Network announced 51% rise in net profit at Rs 71 crore for December quarter compared with Rs 47 crore in the year ago period, aided by steady business growth and portfolio diversification.

    "We have curated our business strategy on four core pillars -- geographical expansion, portfolio diversification, asset quality and strategic partnership with financial institutions. We have commenced our microfinance operations in the South," chairman HP Singh said.

    Singh said that Satin's collection efficiency of loans disbursed after January last year -- which comprised 78% of its portfolio -- reached 99.5%.

    The firm invested on technology to enable cashless disbursements and digital documentation at its branches. "As a result, 100% branches now enabled to make cashless disbursements," Singh said.

    He added that Satin Finserv, a new subsidiary of Satin Creditcare, would commence journey in April. Reserve Bank of India has recently granted it the non-banking finance company license.

    "We will focus on building our MSME book through Satin Finserv. MSME offers a huge business opportunity."
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