New Delhi, July 25 -- Poonawalla Fincorp, a non-deposit-taking NBFC, announced its financial results for the quarter ended June, reporting a net profit of Rs.63 crore, a steep decline from Rs.292 crore in the year-ago period, marking a 78.5% year-on-year (YoY) drop. However, profit remained flat on a sequential basis.
The decline in profit was primarily due to a sharp rise in operating expenses, which surged Rs.199 crore YoY to Rs.443 crore. This also impacted the pre-provision operating profit (PPoP), which fell nearly 25% YoY to Rs.325 crore. The company attributed this decline to ongoing investments in new businesses and a shift toward a more secured loan book.
Net interest income (NII) came in at Rs.639 crore, up from Rs.576 crore a...
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