Moneyboxx Finance, which offers microbusinesses loans for working capital, reported a net profit of Rs. 1.64 crore for the three months ending in June. In the same period last year, the Non-Banking Financial Company (NBFC) had posted a net loss of Rs 1.6 crore. According to a press release from Moneyboxx, rising assets under management (AUM) and healthy net interest margins support an increase in profitability. Due in large part to branch expansion, increased efficiency, and development in partnership business, its AUM increased by 191.8% to Rs 380 crore in the first quarter of the current fiscal from Rs 130 crore in the corresponding period of last year.
The asset quality is still constant, according to Moneyboxx, with gross non-performing assets (NPAs) at 0.74 percent and net NPAs at 0.35 percent as of June 30. Gross non-performing assets (NPA) were 0.75 percent and net NPA were 0.38 percent in the June quarter of the previous year. The 72 branches of the NBFC are dispersed over the six states of Rajasthan, Madhya Pradesh, Haryana, Punjab, Uttar Pradesh, and Chhattisgarh, where it operates in Tier-III cities and smaller. By providing secured and unsecured loans ranging from Rs 70,000 to Rs 10 lakh, Moneyboxx assists underserved microentrepreneurs.
