Net profit for the period declined 29.4% year-on-year to ₹2,521 crore from ₹3,570 crore in the year-ago period. However, the reported figure came in above the CNBC-TV18 poll estimate of ₹2,440 crore.Net interest income rose 17.6% on-year to ₹6,574 crore at the end of the quarter, compared with ₹5,590 crore in the same period last year. NII also exceeded the CNBC-TV18 poll forecast of ₹6,498 crore.
Asset quality showed marginal improvement during the December quarter, with the gross NPA ratio easing to 4.54% from 4.57% in the previous quarter. The net NPA ratio declined to 2.38% from 2.49% on a quarter-on-quarter basis.The provision coverage ratio improved to 48.77% from 46.70% QoQ.
Shares of Shriram Finance Ltd. were trading 0.44% higher on Friday at ₹1,009.95. The stock is hovering close to its 52-week high of ₹1,025.60.
