Poonawala Fincorp Net Profit Surges To Rs 230 Cr In Q2 FY24

Poonawalla Fincorp, on Monday, reported an increase a 77 per cent year-on-year (yoy) increase in net profit for the September quarter, reaching Rs 230 crore  

The company's net interest margin (NIM) was at 11.42 per cent, an improvement of 106 bps YoY basis and 2 bps QoQ basis.

Poonawalla Fincorp achieved a quarterly disbursement of Rs 7,807 crore, marking a 151 per cent YoY increase and an 11 per cent QoQ increase. The company's Assets Under Management (AUM) reached Rs 20,215 crore, reflecting a 54 per cent YoY increase and a 14% QoQ increase.

Also, Gross NPA stood at 1.36 per cent, reduced by 41 bps YoY basis and 6 bps QoQ. Net NPA was at 0.72 per cent, reduced by 22 bps YoY basis and 4 bps QoQ basis.

Capital Adequacy Ratio(CRAR) stood at 42 per cent while the liquidity buffer stood at Rs 3,823 crore. 

“The first half of FY24 has been promising for us with good results for the second quarter as well. We continued to build on the momentum by crossing Rs 20,000 crore mark in AUM, achieving the highest profitability, best-in-class asset quality and significant growth across various financial parameters. We have started offering instant personal loans through our recently unveiled mobile app, a step forward in shaping the financial landscape,” Abhay Bhutada, Managing Director, Poonawalla Fincorp said.