L&T Finance Q3 consolidated net profit up 16.71%

By: | Published: January 23, 2016 12:13 AM

L&T Finance Holdings on Friday reported a 16.71% year-on-year growth in its third quarter consolidated net profit at Rs 211.96 crore.

L&T Finance Holdings on Friday reported a 16.71% year-on-year growth in its third quarter consolidated net profit at Rs 211.96 crore.

The company attributed the growth in profits to consistent and steady improvement in key operating parameters, stabilisation in the overall asset quality in lending business and positive contribution by the asset management business.

Net interest margins (NIMs) for the lending business rose 20% y-o-y to Rs 750 crore (5.63%) from Rs 623 crore (5.66%) in the same period last year, the company said in a release.

Income from operations rose 15.76% in the third quarter to Rs 1819.80 crore on a year-on-year basis.

Gross non-performing assets (NPAs) as a percentage of total assets stood at 3.33% when considered on a 150-day NPA recognition cycle. On an absolute basis, gross NPAs stood at Rs 1,817.60 crore.

Net NPAs stood at 2.23%, and on an absolute basis, at Rs 1,206.41 crore. On a sequential basis, gross NPAs increased by 25 basis points while the net NPAs rose by 23 basis points. The company said the sequential increase in gross NPAs was largely on account of stress in rural markets.

Loans and advances as on December 31, 2015 grew by 23% y-o-y to Rs 55,694 crore.

Gr2

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition