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Nirmal Bang Report
Manappuram Finance Ltd. reported net profit much ahead of our estimate, primarily on account of lower-than-expected provisioning and better cost control.
Net interest income grew by 16.2% YoY and 6% QoQ, driven by strong asset under management growth (up 14.7% YoY, up 2.7% QoQ).
Net interest margin was stable at 15.6%, marginally up QoQ (up 3 basis points) as cost of funds fell from 9.1% in Q2 FY21 to 8.95% in Q3 FY21.
Since Q4 FY20, the company has seen a cumulative drop of 55bps in the cost of funds.
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