Poonawalla Fincorp Q2 profit surges fivefold as income rises
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Poonawalla Fincorp reported a fivefold jump in second-quarter net profit to Rs 375 crore.
- ✓The lender saw income rise as assets under management grew 55% to Rs 74,008 crore.
- ✓Managing Director Arvind Kapil said, "Growth was being accompanied by margin expansion." Better asset quality also helped the company perform well.
Story at a Glance
- Category
- BUSINESS
- Reported By
- Economic Times
- Reading Speed
- 2 Minute(s)
- Market Focus
- India Economy
Poonawalla Fincorp reported a substantial increase in net profit for the second quarter, rising over fivefold. The company's net interest income and fee income grew significantly, contributing to the profit surge. New loan products accounted for a notable percentage of disbursements during this period, demonstrating the diversification of their offerings. Additionally, improvements in the gross non-performing asset ratio reflect better asset quality management.
Poonawalla Fincorp's second-quarter net profit rose more than fivefold to Rs 375 crore from a year earlier, as rapid loan-book growth lifted interest and fee income and helped operating profit more than double.
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Economic Times
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