Latest News | Mahindra Finance Q4 Profit Falls 9 Pc to Rs 563 Cr as Credit Costs Surge, Margin Narrows

Mumbai, Apr 22 (PTI) Non-bank lender Mahindra Finance on Tuesday reported a 9 per cent decline in standalone profit to Rs 563 crore in the March quarter.

The Mahindra Group's financial services arm had posted a net profit of Rs 619 crore in the year-ago period.

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Its core net interest income grew 9 per cent to Rs 2,156 crore, on a 17 per cent growth in the loan book, but restricted by a narrowing in the interest margin to 6.5 per cent from the 7.1 per cent in the year-ago period.

The overall disbursements were up by 2 per cent during the reporting quarter.

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Provisions or credit costs surged 34 per cent to Rs 457 crore as against Rs 341 crore in the year-ago period, proving to be a dampener on bottom line.

On the asset quality front, the GS2+GS3 ratio was at 9.1 per cent, and the stage 3 was at 3.7 per cent.

The overall capital adequacy ratio was at a comfortable 18.3 per cent, and the liquidity buffer was Rs 10,400 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)