Manappuram Finance Q2 net profit declines 8.8% to Rs 370 crore

Manappuram Finance Q2 net profit declines 8.8% to Rs 370 crore
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Manappuram Finance Q2 net profit declines 8.8% to Rs 370 crore The Kerala-based lender, which also operates a home loan, microfinance and commercial vehicle-leasing subsidiary, has reported a standalone net profit of Rs 355 crore, a decline of 12.47% from Rs 405.56 crore reported in the year-ago quarter.

NBFC Manappuram Finance on Saturday reported a 8.8% year-on-year (y-o-y) decline in its consolidated net profit for the second quarter at Rs 369.88 crore. The non-banking financial company (NBFC) had posted a consolidated net profit of Rs 405.44 crore in Q2 of FY21.

However, the company’s consolidated assets under management (AUM) grew by 5.7% to Rs 28,421.63 crore from Rs 26,902.73 crore a year ago, and by 14.8% in comparison to Rs 24,755.99 crore reported in the preceding quarter (Q1).

The Kerala-based lender, which also operates a home loan, microfinance and commercial vehicle-leasing subsidiary, has reported a standalone net profit of Rs 355 crore, a decline of 12.47% from Rs 405.56 crore reported in the year-ago quarter. In aggregate, the company’s non-gold loan businesses account for a 34% share of its consolidated AUM.

Sharing the results with the media, V P Nandakumar, MD & CEO, said, “The key takeaway is the robust growth recorded during the quarter in our business volumes, be it gold loans, microfinance, or our home and vehicle loans portfolio. It reflects the emerging recovery in the rural and unorganised sectors of the economy and going forward, we expect to sustain the growth along with improved profitability.”

The company’s gold loan portfolio stood at Rs 18,719.53 crore, registering a strong growth of 13.2%, over Rs 16,539.51 crore in the preceding first quarter. The number of live gold loan customers increased to 25.1 lakh from 24.1 lakh in the first quarter.

The gross non-performing assets (standalone) stood at 1.59% with net NPA reported at 1.30%.

Average borrowing costs for the standalone entity declined by 67 basis points during the quarter, to 7.94%.

The board also appointed Shailesh Jayantilal Mehta as the chairperson of the company.

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