Loan disbursements for the second quarter stood at `4,263 crore compared to `3,797 crore in the same period last year, marking a 12% growth
Chennai-based NBFC Sundaram Finance has registered a net profit of `154 crore for Q2, compared with `153 crore in the corresponding quarter of the previous year, reporting a flat growth. The loan disbursements for Q2 stood at `4,263 crore compared to `3,797 crore in the same period last year, marking a 12% growth.
TT Srinivasaraghavan, MD, Sundaram Finance, said: “While asset growth and asset quality remained strong, margins came under some pressure during the quarter.”
However, the company has registered a 11% rise in its net profit for the first half year at Rs 295 crore as compared to Rs 265 crore registered in the same period last year.
The loan disbursements for the first half year went up 15% to Rs 8,325 crore compared to Rs 7,217 crore in same period last year, a statement by the company said.
The Sundaram Finance group’s services include financing for the entire range of commercial vehicles, passenger cars and construction equipment, as well as specially designed working capital products such as fuel finance and tyre finance. The company is also into home loans, mutual funds, non-life insurance, IT, BPO and distribution of a wide range of financial products and services.
The company has over 600 branches spread across the country.