SKS Microfinance, a for-profit microfinance institution (MFI) headquartered in Hyderabad, India, recently announced it will change its name to Bharat Financial Inclusion . Observers have associated the move with continued efforts to shed the stigma of the downturn in the microfinance industry crisis in the state of Andhra Pradesh that began in 2010  .
On Wednesday SKS reported a fiscal fourth-quarter profit, excluding those of its subsidiaries, doubled to INR 844 million (USD 12 million) from a year earlier. In addition, revenue for the same period rose 68 percent to INR 3.3 billion (USD 49 million). The company’s gross loan portfolio rose 24 percent to INR 76.8 billion (USD 1.1 billion) during the year. In November 2015, SKS cut its microlending rate to 19.75 percent per year, citing a lower cost of borrowing.
As of March, 2016, SKS reported total assets of INR 71 billion (USD 1 billion) and had loans outstanding totaling INR 52 billion (USD 771 million). The institution does not accept deposits.
By Kevin van den Brink, Research Associate
About Bharat Financial Inclusion
Bharat Financial Inclusion (BFI), formerly known as SKS Microfinance, is a for-profit microfinance institution (MFI) that was launched in 1998 in India. BFI converted into a public limited company in May 2009 and launched an initial public offering on July 28, 2010. It has since diversified into offering gold loans and microinsurance services but does not accept deposits. As of March 2016, BFI reported total assets of INR 71 billion (USD 1 billion) and had loans totaling INR 52 billion (USD 771 million). Shares of BFI trade on the Bombay Stock Exchange and India’s National Stock Exchange.
Sources and Additional Resources
 Livemint, News, “SKS Loses Its Final Connection With The Microfinance Crisis”
MicroCapital Universe Profile: Bharat Financial Inclusion
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