Latest News | Manappuram Finance Q2 Net Profit Rises 37 Pc to Rs 561 Cr

New Delhi, Nov 13 (PTI) Manappuram Finance on Monday reported a 37 per cent increase in consolidated net profit to Rs 561 crore for the second quarter ended September 30.

The non-banking finance company, primarily in gold loans, had posted a net profit of Rs 410 crore in the same quarter a year ago.

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Its total income rose to Rs 2,174 crore in the July-September quarter from Rs 1,714 crore in the same period of the previous fiscal, Manappuram Finance said in a regulatory filing.

On the asset quality front, the lender's gross non-performing assets (NPAs) improved to 1.6 per cent of the gross advances at the end of September 2023 from 2 per cent in the year-ago period.

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Net NPAs fell to 1.4 per cent from 1.8 per cent a year ago.

The company's consolidated gold loan portfolio increased 8.4 per cent to Rs 20,809 crore compared to the second quarter of FY23.

The number of live gold loan customers stood at 2.5 million as of September 30, 2023, it said.

The company declared an interim dividend of Rs 0.85 per equity share with a face value of Rs 2 each.

(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)