IIFL Finance Ltd.'s third quarter net profit rose, meeting analysts' estimates.
The company's consolidated net profit increased 28.8% year-on-year to Rs 549.19 crore for the quarter ended December, according to an exchange filing. Analysts polled by Bloomberg estimated a consolidated net profit of Rs 555.6 crore.
Sequentially, the profit fell 17.2% to Rs 131.6 crore.
Net interest income, or core income, stood at Rs 1,094.6 crore, up 39% year-on-year. Other income, which includes fee and commission income, stood at Rs 133.2 crore, up 83% year-on-year.
The company's revenue from operations was up 24.38% year-on-year to Rs 2,647.48 crore. The pre-provision operating profit was at Rs 960 crore, 28% higher year-on-year.
IIFL Finance Q3 FY24 Highlights
Net profit up 28.8% at Rs 545.19 crore (YoY).
Total income up 25.6% at Rs 2,694.36 crore (YoY).
Gross NPA: 1.71% vs 1.84% (QoQ).
Net NPA: 0.87% vs 1.02% (QoQ).
It's return on assets, on a quarterly basis, remained flat at 3.8% in Q3, as compared with 3.9% in the previous quarter. Return on equity, too, stood at 19.7% in the quarter ended December vs 20.1% in the previous quarter.
As of Dec. 31, the lender's capital adequacy ratio stood at 19.6%, down 9 bps quarter-on-quarter, from the previous 20.5%. Its net worth, however, improved to Rs 10,165 crore, from Rs 9.640 crore a year earlier.
IIFL Finance's loan AUM increased 34% year-on-year to Rs 77,444 crore. The AUM of gold loans and home loans increased 35% and 25%, respectively.
The lender also declared an interim dividend of Rs 4 per share and fixed Jan. 25 as the record date.
(Corrects an earlier version to report consolidated numbers)
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