CreditAccess Grameen climbs on $200-million overseas loan deal

This is the first social external commercial borrowing loan in the country’s microfinance industry and the fourth from India

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Shares of CreditAccess Grameen gained for the second straight session on June 28 morning, a day after it inked a $200-million external commercial borrowing deal, marking the first social ECB loan in the country’ s microfinance industry and the fourth from India.

At 10 am, CreditAccess Grameen was trading at Rs 1,374 on BSE, 1.74 percent higher from the previous close. The counter closed nearly 2 percent higher in the previous session.

The country’s largest Non-Banking Financial Company-Micro Finance Institution (NBFC-MFI) said in an exchange filing on June 27 it signed a syndicated social loan facility of up to $200 million, qualifying as ECB under the automatic route of the Reserve Bank of India.

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“The company has received USD 160 million in commitments to date, along with a green-shoe option to raise an additional USD 40 million, exercisable over 120 days from the date of signing of the facility agreement,” it said.

The company has drawn $100 million and the remaining shall be drawn over the coming months.

The $160 million have been received from 12 banks, including 25 percent from Taiwanese banks, 28 percent from Middle Eastern lenders along with the lead arranger Standard Chartered Bank, and the rest from foreign branches of Indian banks.

Up and away

In the March quarter of FY23, CreditAccess Grameen reported an 86.4 percent year-on-year jump in net profit at Rs 296.6 crore.

Net interest income (NII), the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, surged 29.7 percent to Rs 719.8 crore from Rs 554.7 crore in the corresponding period of the last fiscal.

The share has gained 50 percent this year.

Headquartered in Bengaluru, CreditAccess Grameen, focuses on providing micro-loans to women customers predominantly in rural areas. It operates in 14 states, including Karnataka, Maharashtra, Tamil Nadu, Gujarat, Rajasthan, Uttar Pradesh and West Bengal, and one union territory (Puducherry) through 1,786 branches.

On its maiden analyst day, on May18, the company unveiled plan to have Rs 500 billion worth of assets, implying a 20-25 percent CAGR over the next four-five years, from Rs 200 billion in March.

“While MFI industry has the potential to grow >2.5x over the next five years, CreditAccess Grameen’s competitive edge like being the lowest MFI lender (lending rates 200-400 bps below competition), deep understanding of customer behaviour, high customer vintage…and deep distribution would help it maintain its leadership position,”ICICI Securities said in a recent note.

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