Shriram Transport Finance Q3 net profit up 17%

Shriram Transport Finance Q3 net profit up 17% 

Shriram Transport Finance Company (STFC) has reported a rise of 17.34 per cent in net profit to Rs 635.45 crore for the third quarter ended December 31, 2018, according to PTI.

Shriram Transport Finance primarily caters to the financing needs of customers who want to own commercial vehicles. With over 1,213 branches and 930 rural centres across the country, the non-banking financial company has a large presence in financing pre-owned trucks and small truck owners.

The non-banking finance company (NBFC) had registered a net profit of Rs 541.54 crore in the October-December quarter of 2017-18. Total income also increased 18.22 per cent to Rs 3,993.40 crore compared Rs 3,378 crore in December quarter previous fiscal, the bank said in a statement. Net interest income increased 16.12 per cent to Rs 2,026.91 crore during the quarter 2018 as against Rs 1,745.50 crore in the year-ago period. The company's total assets under management (AUM) as on December 31, 2018 stood at Rs 103,817.94 crore as compared to Rs 90,964.22 crore a year ago, it said. The board of directors of the company also approved raising of up to Rs 10,000 crore through public issue of bonds. Shares of STFC closed 5.70 per cent down at Rs 1,055.30 apiece on the BSE.

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