Chennai, Dwar Regional Rural Financial Services Pvt Ltd (Dwar KGFS) has reported a 230 per cent rise in its net profit after tax to Rs 47.53 crore for the year ended March 31, 2024.
The city-based firm had reported a profit after tax of Rs 14.36 crore in the same period of the last financial year.
Total income increased by 47.93 per cent to Rs 565.11 crore during the year ended March 31, 2024, from Rs 382.01 crore registered in the same period last year.
Commenting on the financial performance, LVLN Murthy, Managing Director and CE, KGFS, said, “We are pleased with the strong financial results achieved in FY24 and are always committed to improving our customer-centric operational efficiencies. "
“The significant growth in our gross loan portfolio and profitability metrics underlines our dedication towards financial inclusion and creating sustainable impact.Our strategy of leveraging a diverse range of financial products combined with a strong branch network and exceptional collection efficiency has enabled us to reach more underprivileged individuals and communities than ever before,'' he said.
Total assets under management as of March 31, 2024 stood at Rs 2,251.1 crore.
Gross non-performing assets fell to 2.98 per cent as on March 31, 2024, from 4 per cent as on March 31, 2023, while net NPAs declined to 1.26 per cent from 2.36 per cent as on March 31, 2024. Till March 31, 2023.“The significant growth in our AUM (assets under management) and borrower base is a testament to the trust and confidence shown in us by our customers and is the result of the unwavering efforts of my team members who are at the forefront in delivering value to customers " Murthy said.
He said the disbursement figures and collection efficiency demonstrate the effectiveness of financial services and its positive impact on rural livelihoods.
The city-based firm had reported a profit after tax of Rs 14.36 crore in the same period of the last financial year.
Total income increased by 47.93 per cent to Rs 565.11 crore during the year ended March 31, 2024, from Rs 382.01 crore registered in the same period last year.
Commenting on the financial performance, LVLN Murthy, Managing Director and CE, KGFS, said, “We are pleased with the strong financial results achieved in FY24 and are always committed to improving our customer-centric operational efficiencies. "
“The significant growth in our gross loan portfolio and profitability metrics underlines our dedication towards financial inclusion and creating sustainable impact.Our strategy of leveraging a diverse range of financial products combined with a strong branch network and exceptional collection efficiency has enabled us to reach more underprivileged individuals and communities than ever before,'' he said.
Total assets under management as of March 31, 2024 stood at Rs 2,251.1 crore.
Gross non-performing assets fell to 2.98 per cent as on March 31, 2024, from 4 per cent as on March 31, 2023, while net NPAs declined to 1.26 per cent from 2.36 per cent as on March 31, 2024. Till March 31, 2023.“The significant growth in our AUM (assets under management) and borrower base is a testament to the trust and confidence shown in us by our customers and is the result of the unwavering efforts of my team members who are at the forefront in delivering value to customers " Murthy said.
He said the disbursement figures and collection efficiency demonstrate the effectiveness of financial services and its positive impact on rural livelihoods.