Mahindra Finance on Friday reported a 14% growth in its net income at Rs 684 crore for the March quarter on a standalone basis, buoyed by healthy loan sales and the resultant increase in net interest income.
The company said during the quarter, its disbursement grew 50% to Rs 13,778 crore, taking the loan book to Rs 82,770 crore, which clipped at 27 per cent across 1 million new loan contracts.
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For the full year FY23, disbursements rose 80% to Rs 49,541 crore.
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Net interest income also grew 24% to Rs 3,057 crore in the reported quarter. With this, the company's full-year revenue stood at Rs 11,056 crore from which it earned Rs 1,984 crore, which is 101% more than it had earned in FY22.
During the March quarter, the net interest margin was at 7.4% or Rs 1,723 crore, which is up 13%.
Gross bad loans ratio improved to 4.5% from 5.9%, while net bad loans was 1.9%. Its provision coverage ratio stood at 59.5%, and capital adequacy at 22.5%.
The company proposed a dividend of Rs 6 per share or 300% for the year.
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