 "Poonawalla Fincorp")
The record profit is driven by record loan sales and improvement in asset quality, he managing director Abhay Bhutada said in a statement.
Poonawalla Fincorp on Friday reported a 77 per cent on-year jump in net income at Rs 230 crore for the September quarter driven by record loan sales and an improvement in asset quality.
The Cyrus Poonawalla group company said this is the highest ever quarterly profit, which came on the back of the highest-ever quarterly disbursement that jumped 151 per cent to Rs 7,807 crore, taking the overall loan book to Rs 20,215 crore, which recorded a 54 per cent on-year growth.
The record profit is driven by record loan sales and improvement in asset quality. Net bad loans declined to 0.72 per cent and there was a 106 bps rise in the key net interest margin to 11.42 per cent, the managing director Abhay Bhutada said in a statement.
The gross Non-Performing Assets (NPAs) declined by 41 bps to 1.36 per cent, net NPAs improved by 22 bps to 0.72 per cent, the company said.
The net interest margin jumped to 11.42 per cent, gaining 106 bps over the trailing 12 months period, leading to better profitability, the same was also helped by lower operating expenses, which came down by 8 per cent to Rs 194 crore.
The capital adequacy ratio of the lender stood at 42 per cent and the liquidity buffer Rs 3,823 crore, he said.
Bhutada further said during the quarter the company has started offering instant personal loans through its mobile app.
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First Published: Oct 20 2023 | 7:47 PM IST
