NBFC firm Northern Arc Capital reported a 24 per cent increase in consolidated net profit to Rs 96 crore for the second quarter ended September 2024.
The recently listed company’s total income increased to Rs 585 crore during the quarter under review against Rs 437 crore in the same quarter last year.
NBFC firm Northern Arc Capital reported a 24 per cent increase in consolidated net profit to Rs 96 crore for the second quarter ended September 2024.
The lender had earned a net profit of Rs 79 crore in the same quarter in the previous financial year.
The recently listed company’s total income increased to Rs 585 crore during the quarter under review against Rs 437 crore in the same quarter last year.
Its net interest income (NII) rose to Rs 288 crore compared to Rs 196 crore a year ago.
On the asset quality front, the gross non-performing assets (NPAs) ratio stood at 0.60 per cent, while net NPA stood at 0.18 per cent as of September 30, 2024, Northern Arc Capital Ltd said in a regulatory filing.
Ashish Mehrotra, MD & CEO at Northern Arc said, “We are pleased to report another strong quarter of financial results, reflecting the resilience and effectiveness of our strategy. While we recognize the headwinds in today’s landscape, we remain dedicated to executing our vision with operational discipline.”
“We continue to focus on growth in the MSME and other key sectors, while carefully calibrating our approach in the MFI segment. We are confident that our proactive measures, coupled with our diversified business model, will enable us to navigate these challenges and emerge stronger,” he added.
During the quarter, the NBFC firm raised fresh equity capital of Rs 500 crore through an initial public offering.
Capital Adequacy Ratio stood at 24.9 per cent at the end of the second quarter.
Asset Under Management (AUM) grew by 22 per cent to Rs 12,309 crore as of September 30, 2024.