From Financialexpress · Kshipra Petkar · · 50s
L&T Finance Profit Rises 33% on Retail Loans
L&T Finance reports 33% higher net profit to Rs 975 crore as retail loans surge 29%.
In brief
L&T Finance reports 33% higher net profit to Rs 975 crore as retail loans surge 29%. L&T Finance's net profit rose 33% year-on-year to Rs 975 crore in Q2, driven by 29% retail loan growth. Originally reported by Financialexpress.
L&T Finance Q2 Profit
L&T Finance reports 33% year-on-year rise in consolidated net profit to Rs 975 crore for Q2.
Retail Loan Growth
Retail loan book expanded 29% year-on-year to Rs 1.35 lakh crore.
Loan Book Expansion
Consolidated loan book grew 28% year-on-year to Rs 1.37 lakh crore.
Net Interest Margins
Net interest margins plus fees improved 26 basis points to 10.48%.
Asset Quality
Gross Stage 3 assets declined to 2.75% from 3.29% year-on-year.
CEO Statement
CEO Sudipta Roy says rural lending tempered due to El Nino and deficient rainfall.
“We have already tempered our rural distribution, and you can see the real growth this quarter came from our urban products”
The takeaway
L&T Finance's net profit rose 33% year-on-year to Rs 975 crore in Q2, driven by 29% retail loan growth.
