Kolkata: Fusion MicroFinance on Monday reported a 16% year-on-year rise in March quarter net profit at Rs 133 crore against Rs 115 crore in the year ago period, supported by business expansion and higher earnings.
The lender’s net interest income was 32% higher at Rs 360 crore against Rs 274 crore earlier. Total income grew 30% at Rs 675 crore.
Its operating profit was also 31.5% higher at Rs 291 crore.
The company’s assets under management grew 23.5% year-on-year to Rs 11,476 crore at the end of March. It added 211 branches in FY24, taking the total count to 1,297 across the country.
Healthy recovery of Rs 75 crore bad loan write off helped its gross non-performing assets ratio fall to 2.89% at the end of March from 3.04% at the end of December 2023 while net NPA ratio improved to 0.6% from 0.77%.
“We closed a very successful FY24 with the highest ever profit after tax, consistent growth in AUM, healthy return ratios and overall robust operational and financial metrics,” managing director Devesh Sachdev was quoted as saying in a note issued by the company.
“We continue to invest in human capital, technology, network and process efficiencies. This reiterates our commitment to build a responsible and sustainable organization while creating long term value for our shareholders,” Sachdev said.
