CreditAccess completes transaction of Rs. 138.89 crore

Bangalore-based micro-credit finance company CreditAccess Grameen informed in a stock exchange filing that has completed transaction of Rs. 138.89 crore through Direct Assignment of portfolio loans, on Wednesday after market hours.

The direct assignment transaction was initiated during the FY2019-20. After the given transaction, the company has completed one Securitization and one Direct Assignment transaction totalling to Rs. 249.24 crore in FY20.

The company reported a net profit of Rs. 321.76 crore on a managed asset base of Rs. 4,974.66 crore in FY19 against Rs. 212.48 crore in FY18. It reported capital adequacy ratio of 35.7 per cent as on 31 March 2019.

CreditAccess Grameen is a leading Indian micro-finance institution headquartered in Bangalore, focused on providing micro-loans to women customers predominantly in rural areas in India. It has a wide range of lending products which aims to cater needs of low-income customers and includes income generation, family welfare, home improvement and emergency loans.

Reacting to the news, the stock opened higher and touched intraday high of Rs. 562. At 12.30 hours, the stock traded at Rs. 527, up by 1 per cent on BSE.