CreditAccess Grameen reported a net profit of Rs 252 crore in the third quarter as against a net loss of Rs 100 crore in the year-ago period, helped by lower provisions.

The largest non banking finance company – microfinance institution set aside Rs 343 crore to cover bad loans during the quarter against Rs 752 crore.

Pre-provision operating profit increased 9.2% year-on-year at Rs 681 crore.

The lender however reported a higher gross non-performing assets ratio to 4.04% against 3.65% three months prior.

“Our third quarter performance reaffirms the strength and stability of our business model,” managing director Ganesh Narayanan said.

The asset under management increased 7% year-on-year from to Rs 26,566 crore

“We have witnessed normalisation in the asset quality trends across operating geographies enabling us to re-focus on growth with confidence,” he said.