Cholamandalam Investment and Finance Company Q1 profit rises by 28% to ₹726 crore
₹726 crore in the April-June quarter. The Chennai-based lender had posted a net profit of ₹566 crore in the year-ago period.
The total income in the first quarter of the current fiscal rose to ₹4,134 crore against ₹2,771 crore, Chola said in a regulatory filing. The lender's interest income also increased to ₹3,849 crore from ₹2,612 crore in the same quarter a year ago.
On the asset quality side, the bank witnessed improvement with the gross non-performing assets (NPAs) easing to 4.30 per cent of the gross advances by June 2023 from 6.31 per cent a year ago. The net NPA too declined to 2.82 per cent against 4.43 per cent in the year-ago period.
Provision coverage ratio of the bank improved to 35.55 per cent as of June 2023 as against 31.16 per cent at the end of first quarter of last fiscal. The board of the company approved issuance of equity shares or convertible securities by way of qualified institutions placement to eligible qualified institutional buyers up to an amount not exceeding ₹4,000 crore in one or more tranches.
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