India's CreditAccess Grameen hits record high as Q2 profit nearly doubles

CreditAccess Grameen

23/10/2023 06:50

** CreditAccess Grameen  CRDE.NS  climb as much as 12.4% to
record high of 1,561.95 rupees in heavy volume
    ** Bank's Q2 consolidated profit nearly doubles, helped by
net interest margin (NIM) increasing to 13.1% from 12% YoY 
    ** Asset quality improved as gross non-performing asset
ratio decreased to 0.77% from 0.89% in Q1
    ** Emkay Global raises FY24-26 earnings estimate by 7%-15%
factoring in better growth trajectory, margin delivery, partly
offset by higher provisions
    ** HDFC Securities says despite likely NIM pressure, CRDE
poised to sustain strong earnings due to operating leverage, low
credit costs
    ** Over 2.2 mln shares traded in stock's busiest session in
4 months
    ** CRDE up 70.7% YTD

 (Reporting by Rama Venkat in Bengaluru)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))