Shriram City Union Finance Q2 profit rises 10.5% to Rs 152.31 crore

MUMBAI: Shriram City Union Finance, the retail lending arm of Shriram Group, today reported 10.5 per cent jump in its net profit at Rs 152.31 crore for the quarter ended September 30.

Its profit after tax stood at Rs 137.8 crore in the same period last year, the company said in a statement.

Net interest income was up by 17.8 per cent to Rs 601 crore.

Total income increased to Rs 945.9 crore from Rs 868.8 crore in the same period last year.

Its assets under management (AUM) stood at Rs 18,165 crore, of which the small enterprise finance portfolio comprised the largest share at 53 per cent.

The AUM of Shriram Housing Finance rose by 13.2 per cent to Rs 1,001.4 crore in the quarter.

"A healthy growth in AUM across the business verticals and more specifically in the MSME segment positions Shriram City Union Finance and housing subsidiary very well for the second half of this fiscal which is generally much better for the BFSI industry," Shriram City Union Finance Director GS Sundararajan said.

He added that the company will continue to focus on penetrating existing geographies and expanding steadily into new areas but sticking to its niches in all the business verticals.