IIFL Finance consol PAT dn 32% on year as RBI curbs hit business
This story was originally published at 19:40 IST on 6 August 2024
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MUMBAI – IIFL Finance's consolidated net profit declined 32.3% on year to 2.88 bln rupees in the June quarter as the full impact of the Reserve Bank of India's curbs on the lender from extending fresh gold loans played out in the quarter. Sequentially, the net profit declined 22.9%.
The RBI on Mar 4 barred IIFL Finance from sanctioning or disbursing gold loans after it observed serious deviations in assaying and certifying the purity and net weight of gold by the company.
Total revenue from operations of the lender rose 13.6% on year to 26.13 bln rupees. Sequentially, however, the revenue fell 8.4%. The total income of the non-finance banking company rose 10.7% on year to 26.25 bln rupees. More
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