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Shares of IIFL Finance Ltd. gained as much as 6 percent on Thursday after the company reported a 36 percent growth in its net profit for the September quarter to Rs 397 crore.

The company's overall assets under management increased 25 percent from last year to cross the Rs 55,000 crore mark. AUM for gold loans and home loans increased by 31 percent and 25 percent respectively compared to the same period last year.

Pre-provision operating profit also rose 23 percent to Rs 685 crore compared with a year ago.

Microfinance and business loans also increased by 49 percent and 14 percent compared to last year. 95 percent of the company's loans are retail in nature.

The company's asset quality witnessed improvement compared to the same period last year. Gross NPA for the September quarter stood at 2.4 percent from 2.6 percent in June, while Net NPA improved to 1.2 percent from 1.5 percent last quarter.

Asset quality for the gold loan, business loan, and MFI business also improved on a quarter-on-quarter basis, while that for the home loan business remained flat.

Shares of IIFL Finance are trading 5 percent higher as of 11:40 AM at Rs 381.95. The stock is trading near its 52-week high of Rs 396.

First Published:Oct 27, 2022 11:54 AM IST