TVS Credit Services reports 40.9% jump in Q1 net

Chennai: Non-banking financial company TVS Credit Services Ltd has reported a 40.9 per cent rise on its net profit for the quarter ending June 30,2023 at Rs 117 crore, the company said on Tuesday.

TVS Credit Services had reported Rs 83 crore as net profit during the corresponding quarter of previous year.

Total income during the quarter under review grew to Rs 1,353 crore from Rs 868 crore registered in the same period of last year.

The assets under management during the April-June quarter stood at Rs 21,924 crore as compared to Rs 15,396 crore recorded in the corresponding quarter of last year.

In Q1 FY24, the company's business witnessed substantial growth in loan disbursals across its product portfolio, attributed to vehicle and consumption-led credit demand, TVS Credit Services Ltd said in a statement.

"During this period TVS Credit added nearly 10 lakh new customers, bringing its total customer base to over 1.1 crore as of date," the company said.

During the quarter under review, the company expanded its consumer loans business in North and North East regions.

Digital personal loans were also introduced during the quarter, further strengthening the company's product offerings, the statement added.