Mahindra and Mahindra Financial quarter 3 net dips 19.6 pct to Rs 319 crore

By: |
Published: January 26, 2019 12:32:10 AM

The lender’s expenses were up sharply during the quarter with other expenses growing at 42.5% y-o-y, and provisions rising by 83%. However, the the cost to income ratio fell to 39.7% from 42.9% in Q3FY18.


The lender’s expenses were up sharply during the quarter with other expenses growing at 42.5% y-o-y, and provisions rising by 83%.

Mahindra & Mahindra Financial Services on Friday reported a net profit of `318.7 crore for the December 2018 quarter, a 19.6% fall year-on-year. The profits fell on account of an 83% y-o-y increase in provisions to `224.7 crore.
Total income came in at `2,246.2 crore, up 22.7% y-o-y, pushed up by a higher net interest income, which rose by 20.2% to `120.4 crore. The lender’s net interest margin (NIM) stood at 8.1%, 10 bps lower than Q2FY19.

The lender’s asset quality improved q-o-q with gross non-performing assets (NPA) of 7.7%, down 130 basis points over Q2FY19. The Stage-3 provisioning coverage ratio stood at 26.9%. During the quarter, the lender disbursed loans worth `34,485 crore, marking an increase of 33% y-o-y. The net NPA at 5.8% was 20 bps lower over the previous quarter.

The lender’s expenses were up sharply during the quarter with other expenses growing at 42.5% y-o-y, and provisions rising by 83%. However, the the cost to income ratio fell to 39.7% from 42.9% in Q3FY18.

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.

Next Stories
1Spencers Retail, CESC Ventures shares dive on stock market debut; hit lower circuits
2ICICI Bank shares extend losses after CBI registers FIR in Videocon loan case; key things to know
3Yes Bank shares jump 14% after appointment of new CEO Ravneet Gill; what brokerages say