Mumbai, Apr 28 (PTI) IIFL Finance on Thursday reported a 30 per cent growth in net profit to Rs 321 crore for the March quarter, driven by strong loan sales and lower provisioning for impaired assets.

For the full year ending March 2022, the company booked a Rs 1,188 crore in net income, a growth of 56 per cent year-on-year, aided by an overall asset growth of 15 per cent to Rs 51,210 crore despite Covid interruptions during the year.

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Its MD Nirmal Jain said despite the much serious second wave of the pandemic, they could report sustained healthy profit growth and credited the same for the heavy investments made into the digital front, which gained impressive traction with DIY (do-it-yourself) loan disbursement doubled in the MSME segment to Rs 265 crore and also of home loan processing that became fully paperless.

The company's loan assets under management rose to Rs 51,210 crore, with the home loans segment constituting 35 per cent, gold loans 32 per cent, business loans 15 per cent and microfinance loans 12 per cent.

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Jain said as much as 94 per cent of loans are retail, and 69 per cent (excluding gold loans) are PSL-compliant. The assigned loan book, currently at Rs 14,298 crore, is 28 per cent of AUM, while securitised assets are worth Rs 2,397 crore, and the co-lending book stood at Rs 2,845 crore.

Gross non-performing assets (GNPA) stood at 3.2 per cent, and net non-performing assets (NNPA) stood at 1.8 per cent, which includes the impact of the RBI notification of November 2021. The company has a provision coverage of 123 per cent.

Home loans, primarily affordable home loans, grew 23 per cent to Rs 17,727 crore. Over 55,700 customers benefitted from the Central subsidy worth Rs 1,300 crore during the year.

Gold loans book grew 23 per cent to Rs 16,228 crore, while microfinance book stood at Rs 6,155 crore, a growth of 30 per cent, serving 17.5 lakh customers.

Business loans grew 4 per cent to Rs 5,675 crore, whereas unsecured business loans de-grew 7 per cent to Rs 1,884 crore.

(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)