1. Shriram City Union Finance standalone net grows 34%

Shriram City Union Finance standalone net grows 34%

Shriram City Union Finance reported a standalone net profit of Rs 204.50 crore for the quarter ended September, 34.3% higher compared with the same quarter last year on the back of a nearly 18% year-on-year (y-o-y) rise in total income, which stood at Rs 1,115.29 crore.

By: | Mumbai | Updated: October 28, 2016 6:49 AM

Shriram City Union Finance reported a standalone net profit of Rs 204.50 crore for the quarter ended September, 34.3% higher compared with the same quarter last year on the back of a nearly 18% year-on-year (y-o-y) rise in total income, which stood at Rs 1,115.29 crore.

The net interest income rose 22.3% y-o-y to Rs 735 crore. The net interest margin improved 29 basis points Q-o-Q to 14%. The year-ago figure was 13.5%.

Assets under management (AUMs) recorded an 18% y-o-y growth and stood at Rs 21,390 crore. Small business accounted for 56% of AUMs, up from 53% at the end of September 2015.

Subhasri Sriram, executive director and CFO, said, “We have managed to combine growth with improved asset quality in recent quarters. In addition, our incremental lending has comprised high asset quality. At the same time, we continue to register growth in line with our guidance across all loan products. We are confident of sustaining our performance in the remainder of the year, given that the festive season has commenced.”

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On a sequential basis, the company saw improvement in the asset quality metrics. Its gross non-performing assets constituted 4.96% of its loan portfolio at the end of September, as against 5.11% at the end of June. Net NPAs stood at 1.35%, as compared to 1.46% at the end of June. On a y-o-y basis, gross NPA and NPA figures rose by 166 bps and 70 bps, respectively.

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