Moneycontrol
Jul 31, 2015 10:21 PM IST | Source: PTI

Shriram Transport Finance Q1 net rises 5% to Rs 321 crore

Shriram Transport Finance Company (STFC) on Friday said its net profit increased marginally by 5 percent to Rs 321.11 crore in the first quarter ended June 30 as the commercial vehicle financier's bottomline was dented by an increase in non-performing loans.

Shriram Transport Finance Q1 net rises 5% to Rs 321 crore

Shriram Transport Finance Company (STFC) on Friday said its net profit increased marginally by 5 percent to Rs 321.11 crore in the first quarter ended June 30 as the commercial vehicle financier's bottomline was dented by an increase in non-performing loans.

The company had reported a profit after tax of Rs 306 crore in the same period last year.

"Although growth in profits was on account of higher loan disbursements but our non-performing loans increased, which had put pressure on profitability," STFC Managing Director and CEO Umesh Revankar said.


Total disbursement increased to Rs 9,200 crore in the April-June period from Rs 7,500 crore in the year-ago quarter.

Gross NPL level increased 4.07 percent from 3.74 percent.

The net interest income stood at Rs 1,150.67 crore as against Rs 967.59 crore in the year-ago period.

Total assets as on June 30 was at Rs 60,531.72 crore as against Rs 54,379.62 crore in the year-ago period.

Revankar said the company has enough liquidity and may not raise funds on immediate basis.

Sections
Follow us on
Available On