IIFL Finance surged 11.88% to Rs 553 after the Reserve Bank of India (RBI) has lifted the restrictions imposed on the gold loan business of the company.
The RBI's decision is effective immediately and allows the company to resume the sanctioning, disbursal, assignment, securitization, and sale of gold loans in compliance with all relevant laws and regulations.These restrictions were earlier imposed on 4 March 2024, which prohibited the company from sanctioning, disbursing, or assigning/securitising/selling any of its gold loans.
IIFL Finance, a leading retail-focused NBFC in India, offers loans and mortgages through its subsidiaries. With a wide range of products and a vast customer base, they operate across India through branches and digital channels.
The companys consolidated net profit declined 32.3% to Rs 288.06 crore in Q1 FY25 as compared with Rs 425.40 crore in Q1 FY24. Total income jumped 10.7% YoY to Rs 2,625.39 crore during the quarter.
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