Manappuram Finance Q1 net profit up 18.72% to Rs 436.85 crore

The lender’s non-gold loan business now accounts for 33% of its consolidated AUM.

NBFC Manappuram Finance On Tuesday, its consolidated net profit for the first quarter reported a growth of 18.72 per cent year-on-year at Rs 436.85 crore.

The Kerala-based lender, which also operates a home loan, micro-finance and commercial vehicle leasing subsidiary, reported a standalone net profit of Rs 425.21 crore, up from 369.11 reported in the year-ago quarter. There is an increase of 15% from Rs.

However, sequentially the lender has reported a 6.7% decline in consolidated net profit from Rs 468.35 crore reported in Q4FY21.

Sharing the results with the media, VP Nandakumar, MD & CEO, said, “We maintained our profitability in a challenging quarter, which bore the brunt of the second wave, when many of our branches faced disruptions due to the local lockdown. . However, now with the strong economic recovery, we expect the pace of growth in trading volume to regain momentum.

Total consolidated operating income during the quarter stood at Rs 1,563.30 crore, a growth of 3.36% as against Rs 1,512.53 crore in the year-ago quarter. Consolidated assets under management (AUM) declined 2.33% to Rs 24,755.99 crore from Rs 25,345.83 crore a year ago.

Gross NPA is 1.97% and Net NPA is 1.62%.

The company’s gold loan portfolio declined 6.75% to Rs 16,539.51 crore from Rs 17,736.79 crore in the year-ago quarter. The total gold loans disbursed during the quarter stood at Rs 35,419.36 crore, while the number of live gold loan customers as on June 30 stood at 24.1 lakh.

Ashirwad Microfinance, the company’s micro-finance subsidiary, closed the quarter with an AUM of Rs 6,052.60 crore, up 20.13 per cent from Rs 5,038.31 crore recorded in the year-ago quarter.

The lender’s non-gold loan business now accounts for 33% of its consolidated AUM. Average borrowing cost for the standalone entity declined 78 basis points during the quarter to 8.61% compared to the year-ago quarter.