Microfinance company Fusion Finance earned a net profit of Rs 86.5 crore for the second quarter against Rs 62.4 crore in the first quarter and a Rs 22.1 crore loss in the year-ago period.
The lender managed to bring down the gross non-performing assets ratio to 1.6% at the end of September, improving about 301 basis points year-on-year, while it grew assets under management 14% to Rs 8007 crore.
Fusion's net interest margin (NIM) improved to 12.5%, expanding 167 bps year-on-year.
Its total income rose about 12% year-on-year at Rs 486 crore while pre-provision operating profit surged 40% at Rs 125 crore.
Fusion expects faster business expansion going forwards. "We expect growth momentum to improve in Q3 and remain committed to our medium-term AUM growth ambition of 20–25%," managing director Sanjay Garyali said.
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Fusion Finance swings to Rs 86.5 crore profit as asset quality improves
Fusion Finance reported a net profit of Rs 86.5 crore in Q2, reversing a year-ago loss of Rs 22.1 crore. Gross NPAs improved to 1.6%, AUM grew 14%, and NIM expanded to 12.5%.
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