Updated: 09 Aug 2021 15:04 STI
New Delhi [India], Aug 9 (ANI): Leading micro-financier Satin Creditcare Network Ltd said on Monday it recorded a loss of Rs 81 crore in the April-June quarter as collection efficiency fell due to the second wave of Covid-19 pandemic.
Income totaled Rs 343 crore while net interest income amounted to Rs 180 crore. The company disbursed loans worth 222 crore rupees in the first quarter of fiscal 22.
However, collections have started to pick up with the drop in infections and the lifting of lockdown restrictions since the third week of June.
Collection efficiency in the four main states – Uttar Pradesh, Bihar, Punjab and Madhya Pradesh – stood at 87.4% and “we saw an improvement in trends in July and August” , the company said.
In June, Satin Creditcare Network had sufficient liquidity of Rs 1,500 crore.
Satin Creditcare Network is present in 23 states and union territories with 84,000 villages. The company’s mission is to be a leading micro-financial institution by providing a full range of products and services to the financially underserved community.
It also aims to lead the empowerment of women by leveraging technology and innovation that forge lasting strategic partnerships. (ANI)