Shriram City Union Finance Q1 net jumps 10% YoY to Rs 260 crore

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Shriram City Union Finance reported a 10 per cent rise in June quuarter profit at Rs 260 crore as against Rs 236.43 crore in the corresponding quarter of the previous year.
Consolidated income during the said quarter rose to Rs 1,572.88 crore from Rs 1,475.45 crore in the same period last year. Assets under Management (AUM) grew 4.50 per cent year-on-year to Rs. ­­­­30352 crore.
“Our asset quality continues to improve. The company is also comfortably placed with regard to liquidity, and continues to successfully explore sources of funds which are of longer tenors than in the past,” said Y.S. Chakravarty, MD & CEO, Shriram City Union Finance.
The company disbursed loans worth Rs. 6275 crore in the quarter and the credit costs for the quarter have reduced by 15 per cent compared with last year.
“The rate cuts by RBI so far have not translated in the rate cuts by banks, thus I hope the upcoming MPC report will push the banks to lower their lending rates,” said Chakravarty.

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