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SKS Microfinance Q3 net dips 38% to Rs 34 cr

By Religare

During the Q3, on the back of higher provisioning and bad loan write-offs SKS Microfinance reported a decline of 38.41% in the net profit at Rs 34.15 crore in comparison to Rs 55.45 crore in the last fiscal.The total provision and write offs and for the particular period including additional provisioning of Rs 26.98 crore stood at Rs 100.75 crore. The write offs also include Rs 58.74 crore relating to its portfolio in Andhra PradeshIn last October the Andhra Pradesh government, in order to restrict the high interest rates came out with a law that was against the micro lenders recovery practice.After noticing that out of the total suicide activities, 27% was pertaining to company's business, the government came out with a law in order to restrict the rate which could run up to as high as 30 per cent. Following the law SKS cuts its rate from earlier 26.69% to prevailing 24.55%. However the shares of the company closed down by 1.03% at Rs 684.1 on the BSE.

Story first published: Tuesday, January 25, 2011, 12:43 [IST]
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