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Leading private sector lender Sundaram Finance reported a profit after tax of ₹269 crore for the quarter ended September 30, 2019. The September quarter net profit includes a one-time income of ₹53 crore and the benefit of lower corporate tax.
Hence, on a like-for-like comparison, the net profit for the quarter ended September 30, 2019, stood at ₹192 crore, against ₹154 crore in the same period last year, registering a growth of 25 per cent, according to a statement.
Income from operations for the September 2019 quarter grew 22 per cent to ₹994 crore, when compared with ₹817 crore in the corresponding quarter of the previous year.
For the half-year ended September 30, 2019, the company’s profit after tax stood at ₹374 crore (excluding one-time gain of ₹53 crore), when compared with ₹295 crore in the same period last year, posting an increase of 27 per cent. Total revenue from operations was ₹1924 crore, against ₹1580 crore.
Its assets under management stood at ₹30,256 crore as on September 30, 2019, against ₹27,228 crore a year ago, registering a growth of 11 per cent.
Deposits
The company’s deposits have seen a 15 per cent growth in the first half of this fiscal.
Deposits stood at ₹3,424 crore as on September 30, 2019, a net accretion of ₹449 crore in the first half of the year.
Sundaram Finance’s networth stood at ₹5313 crore as on September 30, 2019.
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