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SKS Microfinance Ltd will be applying to the Reserve Bank of India for a small finance bank licence.
The board of the directors of the company had approved a proposal in this regard, the only-listed microfinance institution (MFI) in the country said on Thursday.
The company’s net profit nearly doubled to Rs 41 crore in the third quarter ended December 31, 2014 compared to Rs 21 crore in the year-ago period.
The loan disbursements increased to Rs 1,544 crore as against Rs 1,399 crore last year. The net income was Rs 96 crore (Rs 68 cr).
It’s portfolio excluding the states of Andhra Pradesh and Telangana registered a 35 pc year-on-year increase to Rs 3,195 crore from Rs 2,364 crore.
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