Prominent Small Business Loan financier Shriram City Union Finance Limited (Shriram City) today declared its results for the first quarter of FY2017 ended 30th June 2016.
Standalone Net Profits stood at Rs. 181.79 Crore, higher by 23.1%, year-on-year. Income from Operations was at Rs. 1053.48 Crore, higher by 15.4%. Net Interest Income, at Rs. 686.24 Crore grew by 19.7%.
Assets Under Management (AUM) stood at Rs.20473 Crore, up 17%. Subsidiary Shriram Housing Finance Ltd. registered a growth of 72% in Assets Under Management at Rs. 1517 Crore and reported Net Profits of Rs. 5.2 Crore.
Ms. Subhasri Sriram, Executive Director & CFO, Shriram City Union Finance Ltd. said. “Our performance in the recently-ended quarter signals that we are on the growth path guided earlier. While we have grown across all products, our core businesses of lending to SMEs and against two wheelers have performed most encouragingly.”
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.