can fin homes q2 results: Can Fin Homes Q2 Results: Net profit rises 11% YoY to Rs 158 crore

Kolkata: Can Fin Homes on Tuesday reported an 11.3% year-on-year rise in net profit for the September quarter at Rs 158 crore against Rs 141 crore a year back, backed by high-interest income growth and strong asset quality.

The lender’s total income rose 32.4% at Rs 871 crore including Rs 865 crore of interest income, which registered a 32.7% jump.

Its gross non-performing assets ratio was 0.76% at the end of September while the net NPA ratio was 0.43%.

During the quarter, the company unearthed a fraud involving its staff in Ambala
perpetrated over a period of 22 months from September 2021 to July 2023.

The final amount of fund defalcation has been quantified as Rs 39.67 crore while the entire amount has been fully provided for in the September quarter.

“The company has carried out an extensive investigation of its entire books and it is confident that this incident is limited to Ambala branch only,” the company said in a regulatory filing to stock exchanges.

The main business of the company is to provide loans for purchase, construction, renovation of dwelling units and commercial properties. It is also allowed to mobilise public deposits.

Canara Bank, the promoter of the mortgage lender holds 30% stake while the balance 70% is public holding.

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