India’s SKS Microfinance, a microfinance institution (MFI) that loans to impoverished women in India, has reported that Suresh Gurumani has resigned from his post as director of the company’s board.
In October 2010, Mr Gurumani was removed from his position as CEO but continued serving on the board of directors. The company has not yet commented on plans to name Mr Gurumani’s successor.
According to 2010 data from the US-based nonprofit data provider Microfinance Information Exchange (MIX), SKS Microfinance reported total assets of USD 1.2 billion, a gross loan portfolio of USD 1.2 billion, approximately 6.6 million borrowers, return on assets of 6.3 percent and return on equity of 22.4 percent.
By Rick Altieri, Research Associate
SKS Microfinance is a microfinance institution (MFI) that was launched in 1998 and delivers microfinance products through a group-lending model to impoverished women in India. It is a for-profit, non-banking finance company that converted to a public limited company in May 2009 and launched an initial public offering on July 28, 2010. Equity investors include Quantum Hedge Fund, Sequoia Capital, Vinod Khosla, Small Industries Development Bank of India, Bajaj Allianz, Yatish Trading, Kismet Capital, Sandstone Capital, Silicon Valley Bank and Unitus. According to 2010 data from the US-based nonprofit data provider Microfinance Information Exchange (MIX), SKS Microfinance reported total assets of USD 1.2 billion, a gross loan portfolio of USD 1.2 billion, approximately 6.6 million borrowers, return on assets of 6.3 percent and return on equity of 22.4 percent.
Sources and Additional Resources:
Wall Street Journal: “SKS Microfinance Director Suresh Gurumani Resigns,” May 28, 2011. http://online.wsj.com/article/SB10001424052702304066504576351181532708772.html
The Economic Times: “Suresh Gurumani Resigns from SKS Microfinance Board,” May 28, 2011. http://articles.economictimes.indiatimes.com/2011-05-28/news/29593939_1_sks-founder-vikram-akula-suresh-gurumani-sks-microfinance
MicroCapital Brief, “SKS Microfinance of India Reports Q4 Net Loss of $15m, Cites “Stringent” Loan Loss Provisioning” May 8, 2011. https://www.microcapital.org/microcapital-brief-indian-microfinance-funds-seek-to-expand-focus-beyond-microcredit/
MicroCapital Brief, “SKS Microfinance of India Sells $135m in Securitized Loans” April 7, 2011. https://www.microcapital.org/microcapital-brief-sks-microfinance-of-india-sells-135m-in-securitized-loans/
MicroCapital Brief, “SKS Microfinance of India Increases Loan Loss Provision, Reports 38% Fall in Quarterly Net Profit,” February 10, 2011. https://www.microcapital.org/microcapital-brief-sks-microfinance-of-india-increases-loan-loss-provision-reports-38-fall-in-quarterly-net-profit/
MicroCapital’s Microfinance Universe Profile: SKS Microfinance, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=SKS+Microfinance
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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