Shriram City Union Finance Ltd. Reports Fourth Quarter Results

NewsVoir | 28 Apr, 2016
Small Business lending major Shriram City Union Finance Limited (Shriram City) has declared its fourth quarter results.

For the year ended 31st March 2016, Standalone Net Profits were at Rs. 529.83 Crore. Income from Operations stood at Rs. 3834.87 Crore, higher by 10 %. Net Interest Income, at Rs. 2451 Crore grew by 14%. Assets Under Management (AUM) stood at Rs.19576 Crore, up 17%.

Subsidiary Shriram Housing Finance Ltd. registered a growth of 73% in Assets Under Management at Rs. 1275 Crore and reported Net Profits of 28.9 Crore, up 43.4%..

Ms. Subhasri Sriram, Executive Director & CFO, Shriram City Union Finance Ltd. said, "We made a smooth migration during the quarter to the new delinquency norms stipulated by Reserve Bank of India while growing at a better-than-anticipated pace. We should look forward to growth in business continuing in coming quarters too.â

About Shriram City Union Finance Ltd. (BSE: SHRMCITY, NSE: SHRIRAMCIT): The three decade-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 Rs. 90,000 Crore Chennai-based Shriram Group.