Non-banking finance company Sundaram Finance’s subsidiaries engaged in mutual fund, general insurance and home finance businesses have reported growth for 2016-17.

The mutual fund arm Sundaram Asset Management Company has reported a significant rise in its net profit at ₹30.73 crore in 2016-17 compared to ₹4.42 crore in 2015-16. Its gross income grew 13 per cent to ₹260.54 crore from ₹229.88 crore in the previous year, according to the latest annual report of Sundaram Finance.

The average assets under management amounted to ₹28,312 crore for 2016-17 compared with ₹23,346 crore in the previous year.

Royal Sundaram General Insurance reported a whopping growth in net profit at ₹43.05 crore for 2016-017 compared with ₹26.70 crore in the previous year. Its gross written premium grew 29.4 per cent to ₹2,205 crore (₹1,703 crore) in the previous year.

The company reported good growth in commercial business, achieving better-than-market growth rates in fire and engineering portfolios, said the annual report of Royal Sundaram. It also achieved stronger growth in the commercial motor segment, optimising volumes from distribution channels. The company’s market share stood at close to 2 per cent.

Housing finance subsidiary Sundaram BNP Paribas Home Finance reported marginal growth in its net profit at ₹154 crore (₹153 crore) on the back of drop in gross income, which stood at ₹923 crore as against ₹927 crore. Disbursements grew 5 per cent to ₹1,831 crore (₹1,743 crore) amid tough market conditions. The average size of home loans disbursed to individuals was ₹24 lakh.

Sundaram Asset and Sundaram BNP Paribas Home announced dividend of 35 per cent each on the paid-up capital of ₹20 crore and ₹101.25 crore, respectively.

Related Topics
comment COMMENT NOW