Shriram Transport Finance Company (STFC) announced a 13% year-over-year increase in its stand-alone second quarter net profit to ₹ 771.24 crore from ₹ 684.56 crore during the period last year.

The board of directors declared an interim dividend of 8 (80%) per share with a par value of 10 each fully paid up for fiscal year 22.

Net interest income increased about 8% year-on-year to 2,193 crore yen (from 2,025 crore yen).

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Assets under management of STFC, a leading player in the used commercial vehicle financing segment, increased by around 7% to reach 1,21,647 yen crore at the end of September, mainly driven by growth in the market. used vehicle financing portfolio.

However, there has been a decline in the portfolio of new vehicles, business loans and working capital loans.

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The position of gross assets of phase 3 (impaired credit) improved to reach 7.82% of gross advances at the end of September against 8.18% at the end of June 2021. However, the gross assets of phase 3 in the current quarter were higher than 6.50% cent a year ago.

The net position of phase 3 assets also improved to 4.18 percent of net advances at the end of the second quarter of FY22, down from 4.74 percent in the previous quarter, but down from 3. 69 percent a year ago.

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