Bharat Financial shares jump 10% after earnings quadrupling



Shares of Bharat Financial Inclusion Ltd, formerly SKS Microfinance, jumped 10.6% on Friday after the company reported quadruple net profit to Rs 235.9 crore for the first quarter of fiscal year 2016-17.

The stock gained 10.58% to close at Rs 844.90 apiece on BSE. It had hit a 52-week high of Rs 890.75 per share during the afternoon session.

On the NSE, the company’s shares stand at Rs 844.05 each, a jump of 10.52% from the previous close.

The microfinance institution posted a net profit of Rs 61.15 crore in the April-June 2015-16 quarter.

In the first quarter of the current fiscal year, the company saw its total income increase by 53% to Rs 368.95 crore compared to the same period a year ago.

As of June 30, 2016, the company had a net worth of Rs 1,627 crore and a capital adequacy of 23.2%.

Bharat Financial Inclusion said its gross loan portfolio excluding Andhra Pradesh and Telangana states grew 76% year-on-year to Rs.8,463 crore for the quarter ended 30 June 2016.

In addition, the company added 7.7 lakhs of borrowers and ended the quarter with a borrower base of 50.9 lakhs, an increase of 38% year over year.

Loan disbursements increased 59% to Rs 3,769 crore for the period under review.

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