Cholamandalam net profit rises 28% to Rs 876 crore

Mumbai: Cholamandalam Investment & Finance Company on Thursday reported a 28 per cent increase in net profit to Rs 876 crore for the December quarter driven by higher disbursements and the resultant interest income.

The Chennai-based company disbursed 27 per cent more loans at Rs 22,383 crore in the quarter, taking the overall loan book to Rs 63,940 crore, which jumped 40 per cent on-year.

The total AUM stood at Rs 1,41,143 crore which was 36 per cent more than the year-ago period.

Net interest income for the quarter rose by 41 per cent to Rs 2,580 crore.

Vehicle finance book grew 18 per cent to Rs 12,354 crore aided by steady growth in used volume, while loan against property grew 51 per cent to Rs 3,409 crore and home loans grew 48 per cent to Rs 1,587 crore driven by branch expansion into small towns.

SME loans grew 11 per cent to Rs 1,981 crore and consumer and small enterprise loans jumped 48 per cent to Rs 2,773 crore.

Its gross NPAs marginally declined to 3.92 per cent as against 4.07 per cent from September 2023 and net NPAs inched down to 2.56 per cent from 2.59 per cent in September 2023.