From The Economic Times · Sangita Mehta · · 50s
Poonawalla Fincorp Q2 Profit Surges Fivefold
Poonawalla Fincorp's Q2 profit jumps fivefold as income rises and asset quality improves.
In brief
Poonawalla Fincorp's Q2 profit jumps fivefold as income rises and asset quality improves. Poonawalla Fincorp reported a 405.2% year-on-year increase in Q2 net profit to Rs 375 crore, driven by higher interest income and improved asset quality. Originally reported by The Economic Times.
Poonawalla Fincorp Q2 Profit
Poonawalla Fincorp's second-quarter net profit rose more than fivefold to Rs 375 crore from a year earlier.
Net Interest Income Surges
Net interest income climbed 75.6% year-on-year to Rs 1,589 crore.
Asset Quality Improves
Gross non-performing asset ratio improved to 1.20% from 1.59% a year earlier.
Gold Loan Network Expands
New products including gold loans accounted for 28% of second-quarter disbursements.
Margin Expansion
Yields on new disbursements expanded by about 20 basis points in the second quarter.
Commercial Vehicle Growth
Commercial vehicle business expanded to more than 1,250 channel partners.
What to remember
Poonawalla Fincorp reported a 405.2% year-on-year increase in Q2 net profit to Rs 375 crore, driven by higher interest income and improved asset quality.
