Canara HSBC Life Q2 profit rises 5% YoY to Rs 43 crore
Canara HSBC Life Insurance Company's September quarter has marked a significant growth, with a 5 percent rise in net profit, totaling Rs 43 crore from Rs 41 crore last year. This quarter also saw total income climb to Rs 2,511 crore, a rise in net premium collections reaching Rs 2,553 crore, and an increase in first-year premiums to Rs 642 crore, showcasing the company’s robust financial health.
Poonawalla Fincorp's Q2 profit soared 407% year-over-year, reaching Rs 375 crore, compared to Rs 74 crore in the same period last year. The non-banking financial company's net interest income grew 80.6% YoY to Rs 1,380 crore, while total interest income surged 72.3% YoY to Rs 2,416 crore. Operating profit increased 126.6% YoY to Rs 877 crore, with operating expenses rising 37.5% YoY to Rs 712 crore.
Asset quality improved, with gross non-performing assets declining by 17 basis points QoQ and 39 basis points YoY. Poonawalla Fincorp expanded its gold loan branch network to 550 branches and highlighted continued improvement in return on assets. CEO Arvind Kapil attributed the strong performance to disciplined AUM expansion and credit costs reduction. Poonawalla Fincorp's shares closed at Rs 447.30, up 2.15% from the previous close.
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- Poonawalla Fincorp Q2 profit soars five-fold YoY to Rs 375 crore economictimes.indiatimes.com
