The company reported a net profit of ₹48 crore in the quarter ended September from a loss of ₹1,536 crore a year earlier after adjusting for the one-time refund of ₹64 crore to investors of the Indiareit PMS as per the Delhi High Court order.
Retail assets under management grew 55% year-on-year to ₹38,604 crore. Retail loans now constitute 58% of the company’s loan book up from 39% a year ago. The company aims to increase the retail loan percentage to 65-70% of the book.
The company reported a profit despite a 9% fall in net interest income mainly as some loans were transferred to asset reconstruction companies during the quarter. Total loans sold to ARCs stood at ₹4,800 crore in the September quarter from ₹1,000 crore a year earlier. The transfer to ARCs also shrunk the company’s NIM to 4.70% from 5% last year. Provisions also fell 94% year-on-year to ₹198 crore during the quarter.
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