Mumbai, Moneyboxx Finance, which provides business loans to micro enterprises, reported a net profit of Rs 1.64 crore in the June quarter. The Non-Banking Financial Company (NBFC) had reported a net loss of Rs 1.6 crore in the year-ago period.
In a release, Moneyboxx said improving operating efficiency with growing Assets Under Management (AUM) and healthy net interest margins underpin the improvement in profitability.
Its AUM grew 191.8 per cent to Rs 380 crore in the first quarter of the current fiscal from Rs 130 crore in the year-ago period, led by branch expansion, higher productivity and growth in partnership business.
Moneyboxx further said the asset quality remains stable with Gross Non-Performing Assets (NPAs) of 0.74 per cent and net NPA of 0.35 per cent as on June 30.
In the June quarter last year, the gross NPA was 0.75 per cent and net NPA was 0.38 per cent.
The NBFC operates in Tier-III cities and below, and has 72 branches spread across six states — Rajasthan, Madhya Pradesh, Haryana, Punjab, Uttar Pradesh, and Chhattisgarh.
Moneyboxx caters to the underserved micro entrepreneurs by extending unsecured and secured loans between Rs 70,000 and Rs 10 lakh.
