India's CreditAccess Grameen rises on upbeat Q4 results

CreditAccess Grameen

08/05/2024 08:06

** Shares of CreditAccess Grameen Ltd  CRDE.NS  up 1.4% at
1,441 rupees
    ** Non-banking microfinance lender's Q4 profit up 34% y/y,
helped by 41% jump in interest income; NIM rises to 13.1% from
12.2%
    ** CRDE rose over 7% in early trade
    ** HSBC maintains "buy" on stock, says CRDE has "the ability
to deliver high profitability and earnings growth consistently"
    ** Adds, CRDE remains "best-in-class" in the event of a
downturn in asset quality cycle
    ** Over 1.2 mln shares traded, 5.1x 30-day avg volume
    ** Sixteen analysts tracking the stock rate it "strong buy"
on avg; median PT is 1,861 rupees - LSEG data
    ** Stock trims YTD losses to 9.5%


 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))