Motilal Oswal
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Motilal Oswal
August 14, 2018 01:38 PM | Business

Satin Creditcare to focus on rural space for housing portfolio

Microfinance company Satin Creditcare, on home loan front, is looking at rural housing space for housing portfolio, said HP Singh, founder and MD of the company.

The company on Monday reported a consolidated net profit of Rs 27.5 crore in the first quarter ended June 30, 2018.

The strong loan growth and the earnings momentum in Q1 appeared dented by higher provisions.

The company's gross and net non-performing assets (NPAs) have come down quarter-on-quarter (QoQ), said Singh.

He further said that writing off previous NPAs and lower slippages aided in gross NPA decline.

“The guidance stands what we had given earlier, 40 percent loan growth, and it stands right now. So we have done approximately about 8-9 percent growth in the first quarter. So we stand by our guidance,” he said.

According to Singh, micro, small and medium enterprises (MSMEs) to grow to Rs 150 crore by FY19 from the current level of Rs 80 crore.
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