IIFL Finance quarterly profit rises 37 pc to Rs 423 crore

NewsDrum Desk
New Update

Mumbai, Jan 30 (PTI) IIFL Finance on Monday reported a 37 per cent growth in net profit at Rs 423 crore in the three months to December on higher advances.

Total income rose 30 per cent on-year to Rs 1,339.4 crore in the third qurter of the current fiscal, the company said in a statement.

Growth in core products of gold loans and home loans stood at 25 per cent and 24 per cent, respectively, the city-based company said.

The microfinance book grew 55 per cent while loan against property and digital loans rose 14 per cent and 3 per cent, respectively.

Total loan portfolio grew 26 per cent to Rs 57,941 crore while the non-core book primarily consisting of construction and real estate finance, shrunk 7 per cent to Rs 3,252 crore.

On the asset quality side, its gross NPAs declined to 2.1 per cent from 2.8 per cent a year ago pushing down the net NPAs to 1.1 per cent from 1.5 per cent a year ago, the company's Managing Director Nirmal Jain said.

Out of the company's total loan book of Rs 57,941 crore, home loan segment constituted 35 per cent at Rs 20,389 crore and gold loans accounted for 32 per cent at Rs 18,284 crore.

Loans against property were 11 per cent at Rs 6,186 crore, microfinance loans were 14 per cent at Rs 7,834 crore, among other segments.

The company also declared an interim dividend of 200 per cent or Rs 4 per equity share.

The company operates 3,965 branches.

Its cash and cash equivalents and committed credit lines from banks and institutions stood at Rs 8,562 crore.

During the December quarter, the company raised Rs 4,390 crore through term loans, bonds and refinance. PTI BEN RAM