Homemarket News

Spandana Sphoorty drops 8% as bad loans multiply and disbursements fall

Spandana Sphoorty drops 8% as bad loans multiply and disbursements fall

Spandana Sphoorty drops 8% as bad loans multiply and disbursements fall
Read Time
2 Min(s) Read
Profile image

By CNBCTV18.com Jul 12, 2022 12:54:25 PM IST (Published)

Spandana Sphoorty Financial: Shares of Spandana Sphoorty Financial fell as much as 8 percent after the micro-finance lender’s asset quality declined sharply in the March quarter. Disbursements fell 43 percent YoY to Rs 1,385 crore while asset quality declined sequentially. Gross non-performing asset ratio for the March quarter stood at 17.7 percent as compared to 5.5 percent in the previous quarter.

Shares of Spandana Sphoorty Financial fell as much as 8 percent after the micro-finance lender’s asset quality declined sharply in the March quarter.

Recommended Articles

View All

Disbursements fell 43 percent year-on-year to Rs 1,385 crore while asset quality declined sequentially. The gross non-performing asset ratio for the March quarter stood at 17.7 percent as compared to 5.5 percent in the previous quarter.
Source: Company's exchange filing
Also Read |
At 11:08 IST, shares of the non-bank lender were trading 3.7 percent lower at Rs 415 on the BSE.
The company’s consolidated net profit fell sharply by 42 percent to Rs 28.6 crore in the March quarter on one-time settlement fees and transition expenses. It had posted a consolidated net profit of Rs 49.3 crore in the year-ago period.
However, the non-bank lender’s collection efficiency continues to improve steadily, including in the restructured book which is only 13 percent of total assets under management.
Source: Company's exchange filing
“With a clear focus on rural India, we are confident of increasing our market share by riding on the significant anticipated growth in these markets,” the company said.
The company is planning to scale up the business to an asset under management of Rs 15,000 crore, around two times the current figure, in the next three years.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!

Most Read

Market Movers

View All
Top GainersTop Losers
CurrencyCommodities
CompanyPriceChng%Chng