Cholamandalam Investment net profit up 2%

The NBFC firm has disbursed Rs 716 crore in home equity loans as against Rs 62 crore last year

Cholamandalam Investment and Finance Company (Cholamandalam Investment) reported around 2% growth in net profit at Rs 93 crore during the quarter ended June 30, 2014 as against Rs 91 crore, a year ago.

Murugappa Group's NBFC arm disbursed Rs 2,320 crore in Vehicle Finance as against Rs 2,609 core in first quarter of 2013-14 and disbursed Rs 716 crore in Home Equity loans as against Rs 662 crore.

Total Income rose to Rs 869 crore compared to Rs 762 crore in first quarter of 2013-14 registering a growth of 14%.

With continuing stress witnessed in the Commercial vehicles segment, the Company's overall GNPA has risen to 2.4% and the NNPA to 1.1% as on June 30, 2014.