CreditAccess Grameen shares hit a 52-week high on the back of strong Q2 results of microfinance firm

CreditAccess Grameen Share Price: Shares of Microfinance company CreditAccess Grameen were flying higher on Monday morning as they hit a 52-week high of Rs 1,560 each on BSE in early morning deals on the back of its strong second-quarter results on Sunday. 

The stock that closed at Rs 1389.55 on Friday evening started trading at Rs 1439.65 on Monday before rising to hit the 52-week high.

There was a spurt of more than 5.91 times in the stocks' volume on Monday, as per BSE. 

The stock closed the session on Monday soaring higher by 8.40 per cent, or Rs 116.75, at Rs 1,506.30. 

CreditAccess Grameen

The microfinance company fared well in its September quarter results announced on Sunday as its profit after interest rose nearly 100 per cent (98.1 per cent) to Rs 347 crore from Rs 516 crore in the second quarter.

The company's net interest income also soared by 49.6 per cent to Rs 772 crore from Rs 516 crore in the quarter under review.

The company's net interest margin also rose to 13.1 per cent from 13 per cent sequentially.

Its gross non-performing asset reduced to 0.77 per cent in the current quarter from 2.17 per cent in the same quarter last year, while its net NPA also reduced to 0.24 per cent from 0.74 per cent during the same period.