Despite worsening asset quality, Manappuram Fin Q3 net up 16.6%

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Aggregate gold loan disbursement was at Rs 57,445.14 crore while the number of live gold loan customers stood at 26.2 lakh (as of December 31, 2020).

NBFC Manappuram Finance on Friday reported a 16.64 % year-on-year increase in its consolidated net profit for the third quarter of the current financial year to Rs 483.19 crore.

The Kerala-based lender, which also operates a home loan, microfinance and commercial vehicle-leasing subsidiary, has reported a standalone net profit of Rs 465.29 crore for its gold loan business, an increase of 39.28% from Rs 334 crore reported in the year-ago quarter.

Total consolidated operating income during the quarter stood at Rs 1,643.81 crore —14.46% growth over Rs 1436.19 crore reported in Q3 of the previous fiscal year. Consolidated assets under management (AUM) grew 14.70% to Rs 27,642.48 crore, from Rs24,099.95 crore a year ago.

Sharing the results with the media, MD & CEO VP Nandakumar said, “Once again, our results have been in line with our guidance. During this quarter, while gold loans did well, the turnaround in our microfinance subsidiary is particularly noteworthy. We are now confident that the pandemic related woes are behind us, and look forward to good growth in all our businesses in the coming days.”

The company’s gold loan AUM increased 24.43% to Rs20,211.58 crore from Rs16,242.95 crore in the year-ago quarter. Aggregate gold loan disbursement was at Rs 57,445.14 crore while the number of live gold loan customers stood at 26.2 lakh (as of December 31, 2020).

For the standalone entity, the average borrowing cost during the quarter decreased 18 bps to 8.95 %. The capital adequacy ratio stood at 25.85% while the gross NPA was at 1.26 % and net NPA at 0.84 % for the standalone entity.

The board of directors approved payment of an interim dividend of Rs 0.65 per share of the face value of Rs 2.



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