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SKS Microfinance plans small bank
SKS Microfinance plans small bank, SKS Microfinance Ltd, the country’s only listed micro lender, is gearing up to set up small finance bank.
Reports Rs.41 crore net for third quarter
Hyderabad: SKS Microfinance Ltd, the country’s only listed micro lender, is gearing up to set up small finance bank. To this effect, the company’s Board of Directors had given approval for a proposal in this regard.
“The Board of Directors of the Company at its meeting held on January 29, 2015, approved a proposal for making an application to Reserve Bank of India (RBI) for getting a license for small finance bank,” the micro lender said in a release on Thursday.
The application will be based on the guidelines for licensing of small finance banks in the private sector issued by RBI on November 27, 2014 and clarification issued on January 01, 2015.
As per the RBI guidelines, the company which intends to set up a small bank needs to have a net worth of Rs 100 crore. At present, SKS Microfinance enjoys net worth of around Rs 1,000 crore. RBI set February 7 as deadline for applying for small banks.
Meanwhile, the microfinance company posted Rs 41.05 crore net profit for the quarter ended December 2014, an increase of 91 per cent from Rs 21.42 crore in the same quarter a year ago.
The total income in the third quarter went up 38 per cent to Rs 184.41 crore as compared with Rs 133.31 crore in the same period last year.
The company’s loan portfolio, excluding Andhra Pradesh and Telangana, went up 35 per cent to Rs 3,195 crore from Rs 2,364 crore in the third quarter of last year. In the October-December period, loan disbursements stood at Rs 1,544 crore, up from Rs 1,399 crore a year ago.
