Non-deposit taking NBFC Poonawalla Fincorp on Wednesday said it has reported the highest ever profit after tax (PAT) of Rs 585 crore in FY23, up nearly 100 per cent over the year-ago period. , In the fourth quarter (Q4 FY23) as well, the company’s profit jumped by almost 103 per cent to its highest ever PAT of Rs 181 crore.
As per the regulatory filing, the company also recommended a dividend of Rs 2 per share (100 per cent of the face value) for FY23, subject to shareholders’ approval.
The assets under management (AUM) of Poonawalla also grew by 37 per cent to Rs 16,143 crore as on March 31, 2023.
On the asset quality front, gross non-performing assets (GNPAs) fell 185 basis points (bps) year-on-year to 1.44 per cent at the end of March 2023. Its net NPA also declined by 52 basis points to 0.78 per cent. The company’s capital adequacy ratio as on March 31, 2023 stood at 39 per cent.
Its net interest margin (NIM) grew 87 per cent year-on-year to 11.3 per cent in the March 2023 quarter.
Abhay Bhutada, Managing Director, Poonawalla Fincorp said, “FY23 has been a year of exemplary performance in business growth, credit quality and profitability. Our strong fundamentals and execution are reflected in our credit rating upgrade to AAA by both CRISIL and CARE. We have led the way in building a true fintech model at scale, with best in class asset quality, coupled with superior profitability.”
The company’s ability to innovate, understand future trends, deliver at speed and build a strong digital ecosystem has made us the preferred lender, he said. With efficient borrowing costs, low operating costs, controlled borrowing costs and a branch-lite technology-based model, we are well-positioned to deliver sustainable and exceptional performance.