SKS Microfinance net profit rises in second quarter

New Delhi, Oct 23 (IANS) India’s largest private small scale lender, SKS Microfinance Saturday reported a rise of 116 percent at Rs.80.54 for the quarter ended Sep 30 compared to Rs.37.35 crore in the previous corresponding period.

The total income went up by 77 percent at Rs.366.56 crore in the quarter under review compared to Rs.207.49 crore in the year-ago period, the company said in a regulatory filing.

The core business of SKS, which is the only private microfinance company to get listed, is to provide collateral-free loans to poor women in rural areas.

The company recently fired its chief executive Suresh Gurumani because of ‘interpersonal issues’ with the senior management. The incident took place less than two months after SKS made a stupendous stock market debut, listing at a market capitalisation exceeding Rs.8,000 crore.

A high court bench of Justice G. Bhavani Prasad, however, passed an interim order asking the company to retain Gurumani on its board of directors till further orders and restrained newly appointed chief executive and managing director M.R. Rao from taking any major policy decisions.

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