IIFL Finance’s fourth quarter net income jumps to Rs 248 cr

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The assets under management were of Rs 44,688 crore by the end of March 2021, with the home loans segment constituting 32 percent, gold loans 29 percent, business loans 17 percent and microfinance loans 11 percent of the total assets under management, it said. Shares of IIFL Finance on Thursday jumped 5 percent to Rs 266 apiece on the BSE. The company’s gross non-performing assets (NPAs) stood at 2.1 percent and the net NPAs were at 1 percent as of March 31, 2021. With the implementation of expected credit loss (ECL) under Ind-AS, provision coverage on NPAs stands at 186 percent excluding standard asset coverage, it said. Click here: For latest news and updates on earnings.

For the full year, its net profit jumped by 51 percent to Rs 761 crore as against Rs 503 crore a year ago. IIFL Finance Chairman Nirmal Jain said employees of the company continued to render their services to the customers despite the pandemic that has helped deliver the stellar performance. Besides, there was income attributable to net gain on fair value changes of Rs 64 crore in the fourth quarter of 2020-21. During 2020-21, the company has declared and paid an interim dividend of Rs 3 per equity share of the face value of Rs 2 each. The same is considered as final, it said.

”While continuing to invest in people and technology from long-term perspective, we remain cautious about short-term fall-out of the second wave of COVID-19,” he added. Total income during 2020-21 moved up to Rs 5,989 crore from Rs 4,844 crore. Its consolidated income during January-March 2021 jumped to Rs 1,648.62 crore as compared with Rs 1,342.19 crore in the year-ago period, IIFL Finance said in a regulatory filing. Interest income rose to Rs 1,459.25 crore during the quarter as against Rs 1,255.10 crore in the year-ago period. Also, the company’s net gain on de-recognisation of financial instruments under the amortised cost category moved up by 133 percent to Rs 43.34 crore from Rs 18.63 crore a year ago.

Source www.cnbctv18.com

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