Manappuram Finance, primarily a gold loan company, reported a 32% fall in net profit at Rs 290 crore for the June quarter against Rs 425 crore in the year ago period amid intense competition with the gold loan space becoming more crowded.
Interest income fell at Rs 1099 crore against Rs 1233 crore. Gross profit for the period fell 32% at Rs 390 crore against Rs 570 crore.
Its consolidated net profit was even lower at Rs 282 crore against Rs 437 crore.
The net profit was however higher when compared to the fourth quarter of the last fiscal.
“In the face of intense competition, it is creditable that we have not only improved upon the performance in the preceding quarter but also managed our cost position in a competent manner,” managing director VP Nandakumar said.
The non-bank lender’s consolidated assets under management (AUM) stood at Rs 30,760 crore, registering a 24.3% year-on-year rise. The company’s standalone gold loan portfolio stood Rs 20,050 crore with its non-gold loan businesses accounting for a 34% share of its consolidated AUM. Asirvad Microfinance closed the quarter with an AUM of Rs 7,013 crore, showing a 16% annual growth.
The lender’s gross non-performing assets ratio stood at 1.43% and net NPA reported at 1.25%.
The company declared an interim dividend of Rs.0.75 per equity share of
face value Rs.2. The record date for the dividend will be August 18, 2022
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsBit.us is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
