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More leeway for Bharat Financial Managing Director
The Board of Directors at Bharat Financial Inclusion Limited (earlier SKS Microfinance Limited) on Tuesday authorized its CEO and Managing Director to explore the complete spectrum of strategic options including merger, reverse merger, bringing on board a strategic investor and making a strategic acquisition in order to pursue growth opportunities benefiting all key stakeholders in a rapidly chang
Hyderabad: The Board of Directors at Bharat Financial Inclusion Limited (earlier SKS Microfinance Limited) on Tuesday authorized its CEO and Managing Director to explore the complete spectrum of strategic options including merger, reverse merger, bringing on board a strategic investor and making a strategic acquisition in order to pursue growth opportunities benefiting all key stakeholders in a rapidly changing financial inclusion environment.
This is on account of the fact that the company is well-equipped to leverage the emerging opportunities in view of its unassailable track record on the twin fronts of technological innovation and implementation.
MR Rao, CEO and Managing Director, Bharat Financial Inclusion Ltd, said: “We believe our spotless track record of technological innovation and implementation of game- changing initiatives at the grassroots would bring unprecedented gains for all our stakeholders including borrowers.”
Bharat Financial recorded a loss of Rs 235 crore (pre-provision profit of Rs 100 crore) in Q4-FY17 and Rs 290 crore profit for FY17, as it has chosen to be conservative and continues with its eight- week NPA classification and provisioning policy. The Company could have reported a profit of Rs. 105 crore for Q4-FY17 and Rs 630 crore for FY17 with RBI provisioning norms.
