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L&T Finance Holdings (LTFH) reported a 15 per cent increase in its consolidated net profit at ₹248 crore in the July-September 2016 quarter on the back of robust growth in focused business, such as housing finance, wholesale finance and rural finance. It had posted a net profit of ₹215 crore in the year-ago period.
LTFH is a financial holding company which offers a range of financial products and services across rural, housing and wholesale finance sectors, as well as mutual fund products and wealth management services, seven wholly-owned subsidiaries. It is promoted by Larsen & Toubro.
Total assets in the focused businesses — housing finance, wholesale finance and rural finance — were up 24 per cent year-on-year (y-o-y) to ₹57,081 crore as on September-end 2016.
The company’s loans in the defocussed products segment declined 31 per cent y-o-y to ₹3,817 crore.
LTFH’s gross non-performing assets nudged up to ₹2,748 crore as on September-end 2016 from ₹2,556 crore as on September-end 2015. GNPAs as a proportion of gross advances declined to 4.70 per cent from 5.10 per cent.
During the reporting quarter, LTFH had announced plans to amalgamate three of its subsidiary companies — L&T Finance, Family Credit and L&T FinCorp.
In a statement, the company said judicial approvals are expected within this financial year. This amalgamation would improve capital and operational efficiency, it added.
Shares of LTFH closed at ₹102.75 apiece, up 1.08 per cent over the previous close on the BSE.
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