M&M Financial Services Q1 Profit Surges 45% to Rs 513 Cr
Jul 23, 2024 21:44
Mahindra & Mahindra Financial Services reported a 45% jump in June quarter net profit to Rs 513 crore, driven by strong loan growth and improved asset quality.
Mumbai, Jul 23 (PTI) Mahindra and Mahindra Financial Services on Tuesday reported a 45 per cent jump in June quarter net profit to Rs 513 crore.
The non-bank lender had reported a net profit of Rs 353 crore in the year-ago period.
The core net interest income grew 15 per cent to Rs 1,932 crore and the interest margin narrowed to 6.6 per cent from 7.1 per cent in the same period of the previous quarter.
Its total income grew 20 per cent to Rs 3,760 crore during the reporting quarter, and the assets under management were up 23 per cent at Rs 1.06 lakh crore.
Its credit costs declined to Rs 448 crore from the Rs 526 crore in the year-ago period, helping in the profit growth.
In a statement, it said the collection efficiency remained at 94 per cent and the non-performing assets were also within the thresholds.
The company scrip closed at Rs 295.90 apiece on the BSE on Tuesday, 1.16 per cent higher than its previous close.
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