Poonawalla Fincorp net profit up 62%, loans highest in a quarter
Poonawalla Fincorp Monday reported a 62% on-year rise in profit after tax in April-June to ₹200.23 crore with the firm registering its highest ever quarterly disbursements at ₹7,063 crore. On a sequential basis, the non-bank lender's net profit rose 10.8% from ₹180.69 crore in January-March.
The net profit in the first quarter of FY24 is the highest ever for Poonawalla Fincorp. In April-June, quarterly disbursements more than doubled from a year ago and were 11% higher than a quarter ago.
«Our fintech model, with the focus on increasing productivity and improving efficiency, has led to a further reduction in operating expenses,» said Abhay Bhutada, MD, Poonawalla Fincorp. Operating expenses were at ₹183 crore in April-June, down 4% on-year and 7% sequentially, the firm's investor presentation showed.
In the first quarter, the operating profit was at ₹294 crore, nearly trebling on-year and up 39% on-quarter. In the quarter gone by, the NBFC's assets were at ₹17,776 crore, rising 41% on-year and 10% quarter-on-quarter.
In April-June, the net interest margin was at 11.4%, 108 bps higher on-year and 12 bps sequentially. One basis point is 0.01%.
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