From The Economic Times · ET Bureau · · 1m
Poonawalla Fincorp Q2 Profit Soars
Poonawalla Fincorp's Q2 profit jumps five-fold to ₹375 crore as loan growth boosts income.
In brief
Poonawalla Fincorp's Q2 profit jumps five-fold to ₹375 crore as loan growth boosts income. Poonawalla Fincorp reported a 405.2% year-on-year increase in Q2 profit to ₹375 crore, driven by rapid loan growth. Originally reported by The Economic Times.
Poonawalla Fincorp Q2 Profit
Poonawalla Fincorp's second-quarter net profit rose more than five-fold to ₹375 crore from a year earlier.
Loan Book Growth
Rapid loan-book growth lifted interest and fee income, helping operating profit more than double.
Year-on-Year Profit
Profit after tax rose 405.2% year-on-year to ₹375 crore from ₹74 crore a year earlier.
Quarter-on-Quarter Growth
Profit increased 21.8% quarter-on-quarter from ₹308 crore in the preceding quarter.
Net Interest Income
Net interest income, including fees and other income, climbed 75.6% year-on-year to ₹1,589 crore.
Cross-Sell and Servicing Income
Cross-sell income rose to ₹118 crore from ₹68 crore, while servicing income increased to ₹91 crore from ₹37 crore.
The bottom line
Poonawalla Fincorp reported a 405.2% year-on-year increase in Q2 profit to ₹375 crore, driven by rapid loan growth.
