News
Shriram City Union Finance Ltd. declares Third Quarter FY20 results
Shriram City Union Finance Ltd. declares Third Quarter FY20 resultsNew Delhi, January 31, 2020: Leading Small Business financier Shriram City Union Finance Limited (Shriram City) has declared its results for the third quarter of Financial Year 2020.
The Company registered a strong growth in disbursements which were higher by 27% and 11.9% compared to the last year and quarter respectively. Standalone Net profit was higher by 14.7% over the same period last year. Standalone Assets under Management, at Rs. 29546 Crores were up 3.1% year-on-year. Asset quality continued to improve, with Gross Stage 3 levels at 8.51% (compared to 9.13% a year ago and 8.69% last quarter). Subsidiary Shriram Housing Finance Ltd. too registered a robust performance, growing its Assets under Management by 22% year-on-year and disbursements by 293.5% and Net Profit by 177.1% quarter-on-quarter.
Mr. Y.S. Chakravarti, MD & CEO, Shriram City commented: ”We are glad to report a return to growth in disbursements in this quarter, apart from continuing to improve asset quality. We see a considerably improved environment with regard to both liquidity and demand for credit. This quarter saw us clocking our highest-ever business in Two Wheeler loans. In addition, our subsidiary Shriram Housing Finance turned in a sterling performance.”
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