CreditAccess Grameen’s Consolidated Profit Nearly Doubles in Fiscal Q2; Shares Jump 10% -October 23, 2023 at 05:56 am EDT

CreditAccess Grameen Limited is an India-based microfinance company focused on providing micro-loans to women customers predominantly in rural areas. The Company operates in approximately 353 districts in 14 states and one union territory in India through 1,826 branches. The Company operates in a single business segment that is lending to members. Its microfinance group lending products include income generation loan, home improvement loan, family welfare loan and emergency loan. The Company’s microfinance individual lending product is Unnati loan. Its retail finance products include grameen vikas loan, grameen two-wheeler loan, gruha vikas loan and grameen swarna loan. The Company’s distributor products include grameen suraksha, life insurance and national pension scheme (NPS) – Swavalamban. It has tied up with various insurance service providers, including HDFC Life and Kotak Life to provide insurance coverage to customers and spouse/co-borrowers (applicable for retail finance).