WATCH | CMD Kamlesh Gandhi On MAS Financial's Q2 Results 2019-20
MAS Financial Services Ltd. aims to clock 20-25 percent growth in assets under management on the back of its better accessibility to funds and wide distribution network, according to its Chairman and Managing Director Kamlesh Gandhi.
“It is absolutely possible for us to grow at 20-25 percent (in terms of AUM) with this base,” Gandhi told BloombergQuint. “Also, the reputation that we enjoy with our lenders should help us in raising adequate funds too.”
There was a compression in net interest margin to the tune of 50 basis points to 7 percent compared to the previous quarter due to increased cost of funds, Gandhi said, adding that net bad loans fell to 1.06 percent as the firm used the gains arising out of lower corporate tax rate to write-off non-performing assets classified as stage three.
MAS Financial Q2 Results: Key Highlights (YoY)
- Net interest income rose 5.4 percent to Rs 66.69 crore.
- Net profit rose 35 percent to Rs 46.67 crore.
- Gross NPAs at 1.27 percent versus 1.39 percent (QoQ)
- Net NPAs at 1.06 percent versus 1.14 percent. (QoQ)
- AUM grew 26.4 percent to Rs 5,894.40 crore.
On Friday, shares of MAS Financial Services rose 0.02 percent to Rs 719.00 apiece on the BSE while the benchmark Sensex gained 0.17 percent to end the day at 40,356.69 points.
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