L&T Finance Q4 net profit surges 94 per cent to Rs 552 crore
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L&T Finance Holdings, an arm of engineering major L&T, on Sunday reported a net profit of Rs 552 crore in Q4FY19, a 94% year-on-year growth. The profit rose on account of a 22.5% increase y-o-y in its total income. The net profit was Rs 270 crore in Q4FY18.
Total income came in at Rs 3,383.9 crore, up 22.5% y-o-y pushed up by a higher interest income, which rose by 25.5% to Rs 3,058 crore. The net interest margin rose by 44 basis points y-o-y to 5.08%. The lender’s asset quality improved q-o-q with gross NPA of 5.9%, amounting to Rs 5,549 crore against Rs 6,033 crore in Q3FY19. The Stage-3 provisioning coverage ratio (PCR) stood at 61%.
The non-bank financial company (NBFC) saw maximum growth in its rural financing portfolio – 50% y-o-y growth to Rs 25,577 crore, led by retail home loan growth.
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