Shriram City Union Finance Ltd. reports Third Quarter results
Leading Small Business financier Shriram City Union Finance Limited
(Shriram City) has declared its results for the third quarter of
Financial Year 2018.
Standalone
Net Profits were at Rs. 226 Crore, up 43% year-on-year and 13.7%
quarter-on-quarter. Income from Operations stood at Rs. 1338 Crore,
higher by 15.8% over the preceding year. Net Interest Income, at Rs. 916
Crore grew by 20.1%. Disbursements at Rs. 6353 Crore were higher by
23.5%. Assets Under Management (AUM) stood at Rs. 26077 Crore, up by 15.7%.
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| R. Duruvasan, MD & CEO, Shriram City |
Mr.
R. Duruvasan, MD & CEO, Shriram City commented:” This has been a
reasonably strong quarter for us in which we saw growth with reduced
credit costs – something that we had guided for after our results in the
previous quarter when we had mentioned that demonetization-related
problems have already been baked in. Our bottom line is also
substantially higher, even without the one-time effect of the profit of
Rs. 15 Crores owing to the sale of investments in the equity of a
Bengaluru-based entity.”
About Shriram City Union Finance Ltd. (BSE: SHRMCITY, NSE: SHRIRAMCIT):
Over three decades old, Shriram City is among the more important
players in the retail financing space. The company offers multiple loan
products to small business owners and for acquiring assets such as two
wheelers, commercial vehicles, passenger vehicles and homes. It also
offers loans against gold ornaments and for personal consumption. A
deposit-accepting NBFC, Shriram City is a part of the over Rs. 1 Lac
crore Chennai-based Shriram Group.
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