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News: CreditAcess Grameen reported continued sustained performance in Q3FY24 wherein AUM growth remained strong at 31.5% YoY and 4% YoY to Rs 23382 crore and earnings growth at 63.8% YoY to Rs 353 crore. Healthy borrowers accretion at 2% QoQ and ~2.5% increase in ticket size led to strong AUM growth. Steady margins at 13.1%, healthy operational efficiency (opex to loans at 4.4%) led 63.8% YoY growth in PAT, though credit cost came a tad higher. GNPA witnessed an increase of 20 bps QoQ at 0.97%, owing to seasonality and recent floods.
Views: Continued strong growth and focus on efficiency remains positive. Margins maintained in Q3FY24, however, the marginal cost of borrowing has seen some increase. Slippages transitory needs to be watched.
Impact: Neutral