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Chennai-based non-banking finance company Sundaram Finance Ltd, has reported a 22% increase in net profit to Rs 115.99 crore during the first quarter of June 30, 2013 as compared from Rs 94.81 crore recorded in the same period last year. Loan disbursements for the first quarter went up by 15% to Rs 2,799 crore from Rs 2,440 crore registered a year ago.
TT Srinivasaraghavan, managing director, Sundaram Finance Ltd., said, the overall outlook remains uncertain. While our focus on the M&HCV segment continues, we will look to expand our presence in newer segments such as LCVs and tractors. As always, the emphasis is on growth with quality and profitability.”
Despite the stricter asset classification norms, Sundaram Finance continues to maintain best in class asset quality with Gross NPA at 1.53% and Net NPA at 0.92% for the first quarter ended June 30, 2013. Deposit base crossed the Rs 1500 crore mark during the first quarter and stood at Rs 1540 crore as on June 30, 2013.
