Mumbai: Poonawalla Fincorp has reported its highest-ever quarterly net profit of Rs230 crore for the quarter ended September – a 77% year-on-year increase and a 15% increase compared to the previous quarter.
The profits come on the back of an improvement in loan disbursements and net interest margin (NIM). The NIM improved to 11.42%, increasing 106 basis points year-on-year and two basis points quarter-on-quarter.
The company’s quarterly disbursements rose 151% to Rs7,807 crore in the July to September quarter. The company’s assets under management (AUM) reached Rs 20,215 crore, a 54% year-on-year growth and a 14% increase over the previous quarter.
With the increase in the balance sheet size, the ratio of gross non-performing assets (NPA) decreased to 1.36% – a drop of 41 basis points year-on-year and six basis points quarter-on-quarter. The Net NPA also improved to 0.72%, decreasing 22 basis points year-on-year and four basis points quarter-on-quarter.
Operating expenses for the period amounted to Rs 194 crore, marking an 8% year-on-year decline. The capital adequacy ratio continued to be high at 42%. The liquidity buffer amounted to Rs 3,823 crore, contributing to financial resilience.
“The first half of FY24 has been extremely promising for us with exceptional results for the second quarter as well. We have started offering instant personal loans through our recently launched cutting-edge mobile app, a step forward in shaping the financial landscape. We are fully prepared and excited about the journey ahead and confident of delivering stellar performance,” said Abhay Bhutada, MD, Poonawalla Fincorp.
Poonawalla Fincorp is a non-deposit-taking, systemically important NBFC within the Cyrus Poonawalla group. Registered with the Reserve Bank of India (RBI), the company is listed on the BSE (BSE) and the National Stock Exchange of India (NSE).
