homevideos Newsearnings NewsSatin Creditcare expects AUM growth of 7 8% in FY22; disbursals to normalise by September
Satin Creditcare expects AUM growth of 7-8% in FY22; disbursals to normalise by September
Satin Creditcare Network expects to be back on pre-COVID levels for disbursals by September, HP Singh, chairman and managing director (CMD), told CNBC-TV18.
Satin Creditcare Network expects to be back on pre-COVID levels for disbursals by September, HP Singh, chairman and managing director (CMD), told CNBC-TV18.
The non-banking finance company posted a net loss of around Rs 80 crore despite a marginal increase in the gross non-performing assets (NPA) ratio. Disbursements in the quarter stood at Rs 282 crore as compared to Rs 67 crore in the same period of the previous fiscal. Net interest income (NII) in the June quarter increased to Rs 180 crore from Rs 152 crore in the year-ago period.
On disbursals, Singh said that they were down due to the lockdown. He further said, “We are looking at disbursements, which have picked up pace in July and August, we are hoping that we will be back to the pre-COVID levels, sometime by September.”
On growth, he said that the company expects assets under management (AUM) growth of 7-8 percent in FY22.
On collection, he said, “We knew that it (June quarter) is going to be a blip on the whole year numbers because of the lockdowns and restrictions in terms of states being closed on. So the collection efficiency did deteriorate during this quarter and that's one of the prime reasons for us, stating a loss. The collection efficiency which had dropped down to about 85 percent, is now back to about 90 to 92 percent in August. So, we are looking at much better quarters in the time to come; hopefully, there is no third wave (COVID-19),” said Singh.
(With inputs from PTI)
For the entire management interview, watch the video
(Edited by : Dipika Ghosh)
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