The concerns seem to be over for Bharat Financial Inclusion as the gross non-performing asset (NPA) rose by 8.6 percent sequentially while higher provisions improved coverage ratio. Asset under management (AUM) growth was largely driven by medium-term loans.
In an interview to CNBC-TV18, Ashish Damani, CFO of Bharat Financial Inclusion spoke about the results and gave his outlook for the company.
"Things have been improving in Uttar Pradesh (UP) so I would assume that we will be more or less in line with the Pan India average on the collection efficiency front," said Damani.
He further said that Bharat Financial will add about 50 odd branches in this financial year.
We are well within the guidance in terms of NPA and the guidance that we have given on profit after tax (PAT) considers the Rs 250 crore of credit cost that we have talked about, he added.
Speaking about merger, he said Bharat Financial is exploring various options and it's still a work in progress.
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