Kolkata: Fusion MicroFinance on Monday reported a 23.4% year-on-year rise in net profit to Rs 126.5 crore against Rs 102.5 crore in the year-ago period, backed by a steady rise in business and earnings.
The net interest margin for the quarter improved to 11.54%, a good 118 basis points higher than what it was in the same quarter last fiscal.
The lender’s total income for the quarter was 32% higher at Rs 613 crore while net interest income rose 36% at Rs 337 crore.
Pre-provision operating profit rose 42% at Rs 260 crore. The total expected credit loss was Rs 312 crore, including management overlay of Rs 41.50 crore.
Fusion MicroFinance’s gross non-performing assets ratio stood at 3.04% at the end of December, higher when compared to the preceding quarter’s 2.68% but lower compared to the year ago’s 3.46%. Net NPA was at 0.77%. The lender wrote off Rs 81 crore of bad loans during the quarter.
Its asset under management (AUM) grew 23.6% year-on-year to Rs 10,693 crore with the borrower base rising to about 38 lakh.
Its share closed a tad higher at Rs 589.70 on BSE Monday. The company announced the quarterly result after the market hours.
