Sundaram Finance Ltd. has registered a 13 per cent rise in net profit from continuing operations for Q2 ended September 30, 2016, at Rs. 128 crores as compared to Rs. 113 crores registered in the corresponding quarter of the previous year. Net profit for Q2FY16 had a one-time extra-ordinary income of Rs. 40.65 crores on account of sale of equity shares in BNP Paribas Sundaram Global Securities Operations.
Loan disbursements for Q2 were six per cent at Rs. 3177 crores as compared to Rs. 3002 crores registered in the same period last year.
Net profit from continuing operations for the first half year ended September 30, 2016, was up three per cent at Rs. 218 crores compared to Rs. 212 crores registered in the same period last year, excluding one-time stake sale income of Rs. 40.65 crores in H1 of the previous year. Loan disbursements for H1FY17 moved up 12 per cent to Rs. 6394 crores as compared to Rs. 5697 crores registered in H1FY16.
The company continued to maintain its asset quality with gross and net NPA, based on the three-month norm standing at 2.18 per cent and 1.00 per cent respectively as on September 30, 2016, as compared to 1.92 per cent and 1.00 per cent as on September 30, 2015, which were based on the 120-day norm.
Assets under management as on September 30, 2016, stood at Rs. 19348 crores as against Rs. 17140 crores during the corresponding period in the previous year