IIFL Finance Q3 Results Review - Healthy Profitability Aided By NIM Expansion: Motilal Oswal

Motilal Oswal Report

IIFL Finance Ltd.’s Q3 FY24 profit after tax (post-NCI) grew 30% YoY/3% QoQ to ~Rs 4.9 billion, while its nine months-FY24 profit after tax increased by ~28% YoY to Rs 13.9 billion. Q3 FY24 return on asset/return on equity stood at 3.8%/19.7%.

Net interest income grew 45% YoY to ~Rs 15.7 billion. Non-interest income stood at Rs 1.1 billion (down ~40% QoQ/~55% YoY) due to lower assignment and fee income.

Pre-provision operating profit stood at Rs 9.6 billion, up ~25% YoY.

Credit costs declined to ~2.1% (previous quarter and previous year: 2.4%), which included ~Rs 400 million provisions on investments in AIF.

IIFL Finance has also taken a charge of ~Rs 1.6 billion (impact of the Reserve Bank of India AIF circular) on the capital of its housing finance company subsidiary.

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