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Highlights of Q1 FY 11 financial results (June 30, 2010)

• PAT of Rs 67 crore (up 265% YoY)
• Gross income of  Rs 314 crore (up 82% YoY)
• Networth of Rs 1,016 crore as on June 30, 2010
• Capital Adequacy Ratio at 25% as on June 30, 2010
• Gross NPA decreased to 0.23% (as on June 30, 2010) from 0.38% as on June 30, 2009.  As on March 31, 2010, the gross NPA was 0.33%.
• Net NPA decreased to 0.11% (as on June 30, 2010) from 0.20% as on June 30, 2009. As on March 31, 2010, the net NPA was 0.16%.
• Incremental loan disbursements of Rs 2,283 crore (up 81% YoY)
• Gross loan portfolio of  Rs 4,578 crore as on June 30, 2010

Mumbai, September 28, 2010: The Board of Directors of SKS Microfinance Limited has announced the financial results for the quarter ended June 30, 2010 following the completion of the 40-day post-listing silent period.

The profit after tax (PAT) of SKS Microfinance Limited for the quarter ended June 30, 2010 increased by 265% to Rs 67 crore, when compared to Rs 18 crore as on June 30, 2009.  The gross income increased by 82% to Rs 314 crore, when compared to Rs 172  crore as on June 30, 2009.

The gross loan portfolio of SKS Microfinance Limited was Rs 4,578 crore as on June 30, 2010.

Credit Rating Agency, CRISIL recently assigned “P1+” (Highest safety) rating to Rs 7.5 billion Short-Term Debt Programme of SKS Microfinance Limited.  SKS Microfinance Limited thus becomes the first and only MFI to have P1+ rating from CRISIL. CRISIL has also assigned the highest MFI grading “mfRI” to the company.

Commenting on the results, Dr. Vikram Akula, Founder & Chairman, SKS Microfinance Limited said, “The true measurement of growth for SKS is the 73 lakh poor households who have been empowered socio-economically. I am sure with the bridge that SKS has created between the capital market and the poor, SKS will be able to create a paradigm shift in reaching out to the last mile with financial and non-financial services, that would play a major role in financial inclusion.”

Operational Performance of SKS Microfinance Limited

• The total member base (micro finance borrowers across 19 states of India) increased to 7.3 million as on June 30, 2010 from 4.4 million as on June 30, 2009. The member base as on March 31, 2010 was 6.8 million.
• The network expanded to 2,266 branches as on June 30, 2010 from 1,436 branches as on June 30, 2009. The branches as on March 31, 2010 were 2,029.
• The employee strength increased to 23,313 as on June 30, 2010 from 14,831 as on June 30, 2009. The employee strength as on March 31, 2010 was 21,154.

About SKS Microfinance Limited:

SKS Microfinance Limited is a non-banking finance company (NBFC), registered and regulated by Reserve Bank of India, whose mission is to eradicate poverty by providing financial services to the poor.

SKS operates across 19 states of India. They include: Andhra Pradesh, Karnataka, Maharashtra, Orissa, Madhya Pradesh, Bihar, Uttar Pradesh, Rajasthan, Uttaranchal, Himachal Pradesh, Haryana, West Bengal, Jharkhand, Chhattisgarh, Gujarat, Kerala, Tamil Nadu, Punjab and Delhi.

SKS has been recipient of many awards, which include Social and Corporate Governance Award by BSE, NASSCOM Foundation for Best Corporate Social Responsibility Practice (2007), Social Performance Reporting Award (MFIs) - Silver Category for Social Performing rating by MIX market (2009) etc. SKS was founded by Dr Vikram Akula, who has been conferred the awards like Young Global Leader by World Economic Forum and Business Transformation Entrepreneur of the Year by Ernst & Young (2010).  He was named by TIME magazine as one of the 100 Most Influential People in the World (2006).