Mumbai, January 28, 2019 (GPN) : Leading Small Business financier Shriram City Union Finance Limited (Shriram City) has declared its results for the third quarter and nine-months of Financial Year 2019.
Assets under Management grew 9.60% to Rs. 28795 Crores. Credit costs have reduced by over 100 bps to 1.82%. Standalone Net Profit for the quarter was Rs. 259 Crore, a growth of 4.02% sequentially. Net Profit for the nine month period ended December 2018 was at Rs. 738 Crore, higher by 7.11%.
Mr. R. Duruvasan, MD & CEO, Shriram City commented ”The quarter saw the NBFC industry facing fairly stiff headwinds, but I am pleased to report that the Company remained focused on growth areas as well as on improving asset quality, and this is attested to by the steady yields and vastly improved credit quality. We are seeing signs of adequate long-term liquidity returning, and expect to capitalize on the business prospects in the coming quarter in order to achieve our guided growth objectives”
About Shriram City Union Finance Ltd. (BSE: SHRMCITY, NSE: SHRIRAMCIT): Over three decades old, Shriram City is among the more important players in the retail financing space. The company offers multiple loan products to small business owners and for acquiring assets such as two wheelers, commercial vehicles, passenger vehicles and homes. It also offers loans against gold ornaments and for personal consumption. A deposit-accepting NBFC, Shriram City is a part of the over Rs. 1 Lac crore Chennai-based Shriram Group. ENDS