CreditAccess Grameen Q1 net profit jumps 5-fold to Rs 493 cr

CreditAccess Grameen reported a near five-fold net profit surge to Rs 493 crore. This growth was driven by improved repayments and better asset quality metrics. Pre-provision operating profit rose 34 percent on a 22 percent income increase. Credit costs declined significantly by 63 percent year-on-year. Assets under management grew 16.4 percent with new customers.