Spandana Sphoorty Financial slumped 5.98% to Rs 1023.55 after announcing Q3 earnings after market hours yesterday.
On a consolidated basis, the microfinance lender reported 40% jump in net profit of Rs 129.6 crore in Q3 December 2019 as compared to Rs 92.9 crore in Q3 December 2018. Profit before tax (PBT) for the December quarter stood at Rs 175.8 crore, up by 24% from Rs 141.6 crore in the corresponding quarter last fiscal.
Total income rose 22% to Rs 358.50 crore in Q3 December 2019 from Rs 293.2 crore in Q3 December 2018.
Net interest income stood at Rs 233 crore in Q3 FY20, up 43% from Rs 163 crore in Q3 FY19. Net interest margin of the bank rose by 50 bps to 16.4% in Q3 December 2019 from 15.9% in Q3 December 2018.
Loan disbursements during the December quarter jumped 63% to Rs 1971 crore from Rs 1209 crore in the same period last year.
Total number of branches during Q3 FY20 rose 7% to 980 branches from 913 branches in Q3 FY19.
The total assets under management (AUM) stood at Rs 5879 crore in Q3 December 2019, up by 40% from Rs 4204 crore in Q3 December 2018.
Gross Non-Performing Assets (GNPA) at an AUM level stood at 0.33% as on 31 December 2019 as compared to 0.42% as on 31 December 2018. Net Non-Performing Assets (NNPA) at an AUM level stood at 0.04% as on 31 December 2019 as compared to 0.03% as on 31 December 2018.
As on 31st December, 2019 the Capital Adequacy stood at 50.5% with Tier I Capital at 49.3% and Tier II Capital at 1.2%.
ICRA has assigned a Credit Rating of A- (Stable). This rating was upgraded from BBB+ (Stable) in March, 2019 and reaffirmed in January, 2020.
Commenting on the performance, Padmaja Gangireddy, managing director of Spandana Sphoorty Financial, said "Despite facing multiple headwinds during the quarter, our company has performed exceptionally well. We plan to grow our business in the future by leveraging our large network and employee base. The company is focused on sustained business growth with increased focus on improving portfolio quality."
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