Money & Banking

Chola Investment Finance net up 25% in first quarter

Our Bureau Chennai | Updated on January 11, 2018

Cholamandalam Investment and Finance reported a 25 per cent jump in net profit in the first quarter of the current year compared with the corresponding period in the previous quarter.

For the quarter ended June 30, 2017, Cholamandalam Investment reported a profit after tax of ₹206.58 crore (₹165.73 crore) on total revenue of ₹1,234.87 crore (₹1,108.52 crore).

Loan disbursement

Vehicle finance business demonstrated strong growth for the Murugappa Group company while home equity disbursements were down. Interest margins also boosted performance.

Cholamandalam Investment’s aggregate disbursement during the quarter was ₹4,853 crore (₹4,561 crore) with vehicle finance at ₹3,819 crore (₹3,326 crore) and home equity disbursement at ₹740 crore (₹991 crore).

The company’s net interest margin was 8 per cent (7.1 per cent); gross non-performing assets (GNPAs) on three months overdue basis was 4.7 per cent and net NPAs 3.2 per cent.

On the BSE, the company’s shares closed 2.69 per cent higher at ₹1,175.45.

Published on July 27, 2017

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