Reduction in asset quality stress resulted in Rs 951 crore write-back of provisions. The entire ECL provision made in the first quarter of FY22 was reversed, the company said.
The company proposed a dividend of Rs 3.6 per equity share which comes to 180% of face value.
Its net interest income for the quarter fell 1% year-on-year at Rs 1,531 crore.
Total Income was at Rs 2,466 crore for the quarter, a decline of 3% sequentially.
“The decline was primarily due to provision for excess interest refund amounting to Rs 142 crore in compliance with RBI directions.
Its disbursement grew 54% year-on-year while the total loan book stood at Rs 64961 crore.
At the year-end, the non-bank lender carried a total liquidity buffer of nearly Rs 9,000 crore. The company said it has progressively reduced the chest as macro-economic factors improved.
On a consolidated basis, the lender earned a net profit of Rs 629 crore for the March quarter, as against Rs 219 crore during the corresponding quarter last year. Total Income declined by 5% to Rs 2,897 crore during the quarter, as against Rs 3,038 crore over the same period.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.