Press Esc to close
Thursday 27 July 2017
News updated at 9:29 PM IST

Grameen Financial Services reports Rs 9.58 crore profit in 2012-13

S V Krishnamachari, Bangalore, April 20, 2013 DHNS: 11:20 IST
Micro finance institution Grameen Financial Services (GFSPL) has reported net profit (provisional, unaudited) of Rs 9.58 crore in 2012-13 as against a loss of Rs 2.90 crore in the previous financial year.

Earlier, investment information and credit rating agency ICRA had attributed GFSPL’s Rs 6.70 crore net profit for the period ended December 2012 to improvement in operational profitability to 2.9 per cent from 0.6 per cent operational loss in fiscal 2012.

The company's outstanding loans as on March 31, 2013 stood at Rs 523.90 crore, up 37 per cent from Rs 381.30 crore as on March 31, 2012. Income generating loans comprised about 91 per cent of total loans as on March 31, 2013. Its projected disbursements for FY2014 and FY2015 are Rs 820 crore and Rs 1,292 crore respectively.

The company’s Managing Director Suresh Krishna told Deccan Herald that the growth plans would necessitate fund-raising. “We plan to raise Rs 80 crore in FY2014 and Rs 105 crore in FY2015 by way of equity, apart from debt of Rs 500 crore in FY2014,” he said.

GFSPL raised Rs 53.20 crore in the third round of equity funding from Creation Investments, Incofin and MicroVentures about two months back. “The foreign investors' stake as of now is 70 per cent of the total equity of Rs 115 crore, while promoters hold about 26 per cent,” Krishna said.

The company has earlier raised equity in two rounds from Aavishkaar Goodwell, Micro Ventures and Incofin Investment Management between fiscal 2008 to 2010.
The six-year-old GFSPL, which started as a Trust in 1999, primarily caters to borrowers in Karnataka where it has 75 per cent of its approximately 3.47 lakh borrowers, with the rest in Maharashtra and Tamil Nadu. Sixty per cent of its borrowers are from rural areas and all borrowers are women, Krishna said.

GFSPL said that repayment rate is at a comfortable 99.9 per cent. “We have written off only Rs 10 crore in the past 13 years,” Krishna said.

Go to Top

Photo Gallery
Former Prime Minister Manmohan Singh calling on President Ram Nath Kovind at Rashtrapati Bhavan...

Former Prime Minister Manmohan Singh calling on President Ram Nath Kovind at Rashtrapati Bhavan...

Wrestlers practice for the 'Dangal Akhada' on the eve of Nag Panchami festival in Jabalpur...

Wrestlers practice for the 'Dangal Akhada' on the eve of Nag Panchami festival in Jabalpur...

A bonnet macaque sits on consecrated idols of snakes as it drinks milk offered by a devotee...

A bonnet macaque sits on consecrated idols of snakes as it drinks milk offered by a devotee...

Nitish Kumar and Shushil Kumar Modi wave at gathering after they were sworn-in as Bihar Chief...

Nitish Kumar and Shushil Kumar Modi wave at gathering after they were sworn-in as Bihar Chief...

Indian women's national team captain Mithali Raj at a felicitating event for India women's cricket..

Indian women's national team captain Mithali Raj at a felicitating event for India women's cricket..

A woman security official offfers a rose to a woman pilgrim as she leaves for Saudi Arabia...

A woman security official offfers a rose to a woman pilgrim as she leaves for Saudi Arabia...

India's team members and bowler Mohammed Shami, center, celebrate the dismissal of Sri Lanka's...

India's team members and bowler Mohammed Shami, center, celebrate the dismissal of Sri Lanka's...

Children play in a water logged street after heavy rains in Kolkata on Thursday...

Children play in a water logged street after heavy rains in Kolkata on Thursday...

Workers of RJD and Congress shout slogans and burn an effigy of Bihar Chief Minister Nitish Kumar...

Workers of RJD and Congress shout slogans and burn an effigy of Bihar Chief Minister Nitish Kumar...

Children dressed up like tiger for the 'Tiger my Friend' programme on the occasion...

Children dressed up like tiger for the 'Tiger my Friend' programme on the occasion...

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523
Powered by Yodasoft Technologies Pvt. Ltd.