Satin Creditcare Network suffers Q1 loss of Rs 81 crore

Micro-finance major Satin Creditcare Network Ltd said on Monday it recorded a loss of Rs 81 crore in the April to June quarter as collection efficiency dipped due to second wave of Covid-19 pandemic.

Revenues totalled Rs 343 crore while net interest income was to the tune of Rs 180 crore. The company disbursed loans worth Rs 222 crore in Q1 FY22.

However, collections have started to pick up with declining infections and lifting of lockdown restrictions since third week of June.

Collection efficiency in top four states -- Uttar Pradesh, Bihar, Punjab and Madhya Pradesh -- stood at 87.4 per cent and "we have witnessed improving trends in July and August", said the company.

As of June, Satin Creditcare Network had a sufficient liquidity of Rs 1,500 crore.

Satin Creditcare Network has presence 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 comprehensive range of products and services for the financially under-served community.

It also aims to lead in gender empowerment by leveraging on technology and innovation that forge sustainable strategic partnerships.

( With inputs from ANI )

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