Compartamos Banco reports profits of Rs 180 Crore for 3Q10

Compartamos Banco – The mexico based MFI reported on Tuesday a third quarter net profit of US$39.2 million (Rs 180 Crore approximately) which is 36.8% higher for the same period  in the previous year. At the end of September 2010 , Compartamos Banco had more than 1.75 million clients and it planned to add an additional 100,000 clients by end of FY2010. The client base of the Mexican MFI has grown by 23.1% compared to 3Q09.

The bank’s average return on equity, a measure of  it’s profitability declined to 40.9% in the third quarter from 42.6%. The decrease was attributed to the company’s increased capitalization. During the Jun-Sep time period, Compartamos  Banco raised its capitalization ratio to 44.8% compared with 41.6% at end-September 2009.Compartamos Banco Results 2010

Highlights for 3Q10

– The total loan portfolio outstanding reached Ps. 8,784 million, a 24.2% increase compared to 3Q09.

– Net income reached Ps. 491 million, a 36.8% increase compared to 3Q09.

– Capitalization Ratio stood at 44.8%, an improvement from the 41.6% reported in 3Q09.

– ROAE was 40.9%, a decrease when compared to the 42.6% reported in 3Q09.

– Non-performing loans decreased to 1.97% in 3Q10, compared to 2.26% in 3Q09.

– The Company added 7 service offices, ending the quarter with 352 service offices in the network.

– The total number of employees grew by 536 people, reaching 9,127 employees; 1,863 more than in 3Q09.

– Efficiency ratio for 3Q10 was 51.3%, an improvement compared to the 55.0% reported in 3Q09.

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