Private sector lender Sundaram Finance has reported a 30 per cent increase in its net profit at ₹117 crore for quarter ended June 30 compared with ₹90.17 crore in the year-ago period.
Loan disbursements for Q1 of this fiscal were up 6 per cent at ₹3,420 crore against ₹3,217 crore in the same period last year, according to a company statement.
“The growth in disbursements was driven by strong performance in the cars, tractors and construction equipment segments. “Asset quality remains strong with both gross NPA and net NPA coming down during the quarter,” said TT Srinivasaraghavan, Managing Director, Sundaram Finance.
The company’s gross non-performing assets (NPA) stood at 2 per cent as on June 30 compared with 2.15 per cent a year ago. Net NPA came down to 0.93 per cent from 1 per cent as on June 30, 2016.
As of June this year, its assets under management grew 16 per cent at ₹24,331 crore as against ₹21,007 crore a year ago.