The biggest microfinance lender, Credit Access Grameen, thinks its loan sales will grow by about 25% this year. This means the total money it lends to people will be around Rs 27,000 crore. Last year, they had given out loans worth Rs 21,000 crore and made a profit of Rs 830 crore.
This year, they expect their profit to go up by 75% to around Rs 1,300-1,400 crore. The company’s boss, Udaya Kumar Hebbar, said that they think they will keep making good profits, about 10-12.5% of the money they lend.
Credit Access Grameen wasn’t always a lending company. It started as a group that helped people in 1999, and then in 2007, it became a company that lends money.
In 2018, it started selling shares to the public, and the Credit Access owns most of it, about 73.74%.
Right now, the company serves more than 44 lakh customers (that’s a lot of people!) through 1,826 branches in 353 districts across 15 states.