Shriram City Union Finance Q1 net profit up 15.6%

shriramShriram City Union Finance Limited (Shriram City), the retail lending arm of the Chennai-based Shriram Group and a financier of small businesses said its Q1 net profit was higher by 15.6 % year-on-year at Rs. 148 Crores.

Income from Operations stood at Rs.913 Crores, up 7.8% over the same period last fiscal.

Net Interest Income, at Rs. 573 Crores increased by 14.6%. Assets Under Management (AUM) stood at Rs. 17483 Crores, with the Small Enterprise Finance portfolio comprising the largest share at 53.5%.

G.S. Sundararajan, Director, Shriram City Union Finance said “The Company continues to post a robust performance because of our sustained efforts to reach out to Small Business Enterprises and met their financial requirements. As part of our endeavour, we will continue to support the Small Business sector because of its high growth potential to boost the Indian Economy”

The Company reported Consolidated Net Profit for the quarter at Rs. 153.42 Crores. Subsidiary Shriram Housing Finance Ltd. registered Assets under Management of Rs. 884.5 Crore, a growth of 130.9 % as compared to June 2014.

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 Rs. 90,000 Crore Chennai-based Shriram Group.