IIFL Finance Q1 results: Net profit jumps multi-fold to Rs 266 cr

IIFL Finance Q1 results, IIFL Finance share price, IIFL Finance shares, Q1 results, IIFL Finance, credit opportunities iii

IIFL Finance

on Tuesday reported a 735 per cent jump in consolidated net profit at Rs 265.82 crore for the quarter ended June on healthy growth in its loan portfolios. It had posted a net profit of Rs 31.84 crore in the year-ago quarter.

Total income during Q1 FY22 moved up to Rs 1,531.67 crore, as against Rs 1,295.19 crore in the first quarter of FY21, IIFL Finance said in a regulatory filing.

Under retail home loans, the company’s assets grew by 17 per cent from a year ago to Rs 14,747 crore during the reported quarter.

Gold loans AUM grew to Rs 13,262 crore, showing a strong growth of 40 per cent year-on-year, it said.

The microfinance loans AUM stood at Rs 4,386 crore, up 36 per cent y-o-y.

On transfer of real estate credit assets to an Alternate Investment Fund (AIF), IIFL Finance said some more assets are likely to be sold in the current quarter.

“The AIF has signed a contribution agreement with Credit Opportunities III PTE. Ltd, a fund managed by Ares SSG Capital Management, committing a contribution of upto Rs 1,200 crore towards units in the AIF,” it said.

IIFL Finance stock closed 2.4 per cent up at Rs 305.25 apiece on BSE.

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