Shriram City Union Finance net profit grows tenfold

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Mumbai | Published: April 26, 2019 3:22:13 AM

Net interest income (NII) grew 8.8% to Rs 3,799 crore in FY19 from Rs 3,493 crore in FY18.

Shriram City, Shriram City Union Finance, financial instruments, impairment expenses, industry newsTotal income for Q3FY19 was Rs 1,437 crore, up 12% year-on-year basis.

Shriram City Union Finance posted a more than tenfold growth in its standalone net profit to Rs 251.27 crore for the three months to March 2019 due to a reduction in provisions, write-offs and financial instruments impairment expenses.

The non-banking financial company had posted a net profit of Rs 22.02 crore during the corresponding quarter last year. The retail lender has reported standalone net profit of Rs 989 crore for the year ending March 31, which is 39% more than Rs 711 crore a year ago. The total income for FY19 grew 10.77% to Rs 5,781.30 crore compared with Rs 5,158.47 crore in the previous financial year (FY18).

Net interest income (NII) grew 8.8% to Rs 3,799 crore in FY19 from Rs 3,493 crore in FY18.

Total income for Q3FY19 was Rs 1,437 crore, up 12% year-on-year basis. NII has shown 9.2% growth to Rs 938 crore on a y-o-y basis and 3% growth on sequential basis for the march-end quarter. The lender’s asset quality improved by 2 basis points in Q3FY19 to 2.68% on a sequential basis.

Assets under management (AUM) stood at Rs 29,582 crore as of March 31 showing a strong 7.3% growth from Q4FY18 and 3.3% on a sequential basis. Following the headwinds that the NBFC industry experienced in the third quarter, the company was able to return to its normal disbursement levels, which augurs well for the new financial year, as the company’s asset quality continues to improve, said R Duruvasan, MD & CEO, Shriram City Union Finance.

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