Spandana Sphoorty Q1 Results: Interest income more than doubles to Rs 493 crore
Spandana Sphoorty reported Rs 119 crore consolidated net profit for the first quarter of the fiscal FY24 against Rs 220 crore loss in the year ago period, backed by healthy business expansion which was in line with the sectoral growth. The lender saw its interest income more than doubled in the quarter at Rs 493 crore as compared with Rs 244 crore in the year ago period.
Net interest income rose 102% at Rs 328 crore. The net interest margin for the quarter jumped to 14.2% against 9.9% earlier.
A 35% lower expenses at Rs 367 crore also helped. The asset under management for Spandana jumped 60% to Rs Rs 8,848 crore while gross non-performing assets ratio fell to 1.63% at the end of June from 2.07% three months prior to this.
Net NPA stood at 0.49%. «The progress over the last four quarters has yielded decent results both on the quality and growth perspective,» chief executive Shalabh Saxena was quoted as saying in the statement issued by the company.
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