Kolkata: Spandana Sphoorty Financial on Monday reported a 79% year-on-year jump in net profit at ₹127 crore for the December quarter, backed by steady business growth and asset quality improvement.
The net profit was ₹71 crore in the year-ago period. Pre-provision operating profit grew 71% to ₹240 crore against ₹141 crore.
The NBFC-MFI saw its net interest margin at 13.3% for the quarter as compared with 13.8% in the year-ago period.
“We have guided NIM at 13.5% and we expect it to be north of 13.5% in the next quarter,” managing director Shalabh Saxena told ET. “The profitability metrics are looking good.”
The lender’s asset quality improved year-on-year but slipped a bit sequentially. Saxena attributed this to the transition from monthly repayment to weekly repayment, which also led to a muted loan disbursement in October. Spandana’s gross non-performing assets ratio stood at 1.6% at the end of December 2023 as compared with 5.3% a year ago. Gross NPA was 1.8% at the end of September 2023. Net NPA was 0.5% against 2.5% a year back.
