Latest News | IIFL Finance Net Profit Jumps 32 Pc to Rs 526 Cr

Mumbai, Oct 18 (PTI) Non-banking lender IIFL Finance on Wednesday reported a 32 per cent on-year growth in net income at Rs 526 crore for the quarter ended September 30, driven by higher interest income.

Total income grew 33 per cent to Rs 1,599.3 crore, the company said, adding its asset quality improved with gross Non-Performing Assets (NPAs) falling to 1.8 per cent from 2.4 per cent and net NPAs improving to 1 per cent from 1.2 per cent.

Also Read | Madhya Pradesh Assembly Election 2023: Congress Releases Manifesto; Promises Rs 25 Lakh Health Insurance Cover, 27% OBC Quota (See Pics and Video).

Gold loans and home loans increased by 33 per cent and 22 per cent year-on-year respectively, the IIFL group company said in a statement.

The company's microfinance book grew by 67 per cent and digital loans and loan against property jumped 77 per cent and 21 per cent, respectively, it added.

Also Read | What Is APAAR Card? Know All About Unique Identity Cards To Be Rolled Out for Students as Part of ‘One Nation, One ID’ Plan to Track Their Academic Progress.

Accordingly, the company's overall loan portfolio rose 34 per cent to Rs 73,066 crore.

Kapish Jain, the group chief financial officer said average borrowing costs for the quarter increased 40 bps to 9 per cent.

The retail-focused company has as much as 96 per cent of its book in the retail segment and 67 per cent of the book is Priority Sector Lending (PSL)-compliant. This is excluding gold loans which are not classified as PSL loans, Jain said.

The company had 4,596 branches as of September quarter-end.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)