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Leading NBFC (non-banking finance company) Sundaram Finance has reported a 6.4 per cent increase in net profit at ₹167 crore for the quarter ended December 31, 2019, when compared to ₹157 crore in the year-ago period.
The company’s net income for the December 2019 quarter stood at ₹976 crore against ₹857 crore, an increase of 14 per cent. “We have kept our costs under control. While the market has not grown, we have managed to make market share gains,” said TT Srinivasaraghavan, Managing Director.
Its assets under management as on December 31, 2019, grew 8.5 per cent to ₹30,502 crore when compared to ₹28,114 crore in the year-ago quarter. For the nine months ended December 31, 2019, the company registered a 31 per cent increase in net profit at ₹593 crore when compared to the ₹452 crore registered in the corresponding period in the previous year.
Net income went up 19 per cent to ₹2,900 crore (from ₹2,437 crore). Net NPA stood at 2.09 per cent as on December 31, 2019, according to a statement. The board of Sundaram Finance has declared an interim dividend of ₹10 per share.
The company’s deposits have registered a 20 per cent growth in the first nine months of the year. Deposits stood at ₹3,580 crore as on December 31, 2019, a net accretion of ₹606 crore.
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