Spandana Sphoorty Q4 net profit up 5%, net interest income climbs 21%

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Microfinance lender Spandana Sphoorty Financial Ltd on Monday (April 29) reported a 5.2% year-on-year (YoY) increase in net profit at ₹122.2 crore for the fourth quarter that ended March 31, 2024. In the corresponding quarter, Spandana Sphoorty Financial posted a net profit of ₹116.2 crore, the company said in a regulatory filing.

Net interest income (NII), which is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, jumped 21.1%, coming at ₹398.8 crore against ₹329.1 crore in the corresponding quarter of FY23. The net interest margin (NIM) came at 14.6% against 13.9% YoY and 13.3% quarter-on-quarter (QoQ), it said.

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The gross non-performing assets (NPAs) stood at 1.5% in the March quarter against 1.61% in the December quarter. Net NPAs came at 0.3% against 0.48% QoQ. In monetary terms, gross NPAs stood at ₹169 crore against ₹155 crore QoQ, whereas net NPAs came at ₹34 crore against ₹46 crore QoQ.

In the fourth quarter, Spandana Sphoorty’s assets under management (AUM) AUM reached ₹11,973 crore, marking a 15% increase from ₹10,404 crore reported in Q3 of FY24. On a YoY basis, the AUM jumped 41% from ₹8,511 crore in FY23.

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The results came after the close of the market hours. Shares of Spandana Sphoorty Financial Ltd ended at ₹886.40, up by ₹6, or 0.68%, on the BSE.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow