Non-banking financial company L&T Finance Holdings reported a net profit of Rs 144 crore for the quarter ended September, a rise of 16 per cent compared with the year-ago period. The company’s loan book grew 27 per cent year-on-year to Rs 27,662 crore. Sequentially, however, it grew just six per cent.
Non-performing assets declined 25 basis points annually to 1.81 per cent and provisions rose to Rs 72 crore, against Rs 50 crore in the corresponding period last year.
Provisions for the Andhra Pradesh portfolio stood at Rs 29 crore, compared with Rs 25 crore in the year-ago period.
Gross NPAs, excluding those in the micro-finance business, stood at 1.56 per cent, compared with 1.10 per cent in the corresponding period last year. The company attributed the increase in NPAs to stress in the economic environment.
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