Shriram City Union Finance Ltd. declares Q4 and FY19 results
Leading Small Business financier Shriram City Union Finance Limited (Shriram City) has declared its results for the fourth quarter and Financial Year 2019.
Assets under Management grew to Rs. 29582 Crores. Disbursement growth was 44% compared to the third quarter. Credit costs have reduced by 66% compared to last year. Standalone Net Profit at Rs. 989 Crores was higher by 39% compared to last year. Subsidiary Shriram Housing Finance Ltd. grew its retail disbursements by an eight-quarter high.
Mr. R. Duruvasan, MD & CEO, Shriram City commented “It is my pleasure to report that after the headwinds that the NBFC industry experienced in the third quarter, the Company was able to return to its normal disbursement levels, and this augurs well for the new Financial Year. Asset quality continues to improve. Most importantly, the Company was able to generate sufficient longer-term bank funding in the quarter, and this support, along with that from our depositors and the money market will help us achieve our growth objectives in FY20”
About Shriram City Union Finance Ltd. (BSE: SHRMCITY, NSE: SHRIRAMCIT): Over three decades 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 over Rs. 1 Lac crore Chennai-based Shriram Group