CreditAccess Grameen adds nearly 60,000 new borrowers in Nov

New Delhi: Microfinance lender CreditAccess Grameen on Thursday said it added nearly 60,000 new borrowers in November and the company's business is now back to the pre-Covid-19 level with Rs 1,505-crore disbursements during the month.

The company said the "consolidated disbursements during the month have come back to the pre-COVID-19 levels driven by increased customer confidence". It had disbursed Rs 1,371 crore in October. As many as 59,930 new borrowers were added in November this year against 55,581 in October, CA Grameen said in a business update. The monthly new borrower addition run rate is expected to increase in the coming months on the back of the expanded branch network. The cumulative addition of new borrowers since July this year stands at 2,59,662. The company's consolidated gross loan portfolio grew 18 per cent year-on-year to Rs 14,071 crore in November. It said the efficiency of the collection has been stable for the company despite a brief period of festivities and unseasonal rains in Tamil Nadu and Karnataka. The consolidated branch network grew 13.5 per cent year-on-year to 1,575 branches during the month under review and 187 new branches were opened. Even as the asset quality of CA Grameen improved, there was a minor slippage in the asset quality of Madura Micro Finance Ltd, it said.