AP ordinance has made biz difficult: SKS Micro

Vikram Akula, founder and chairperson of SKS Microfinance, says the company is feeling the pinch from the AP government ordinance. He emphasizes that while smaller MFIs are under great challenges, SKS Micro welcomes the ordinance because it helps eliminate the rogue players in this field.

SKS Microfinance net profit rises in second quarter

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.