IIFL Finance reported a 6% decrease in consolidated net profit to Rs 431 crore for the March quarter, compared to Rs 458 crore a year ago. This decline was attributed to the RBI’s directive barring the firm from issuing gold loans due to concerns over the accuracy of gold purity assessments. Despite the profit dip, the company’s total income rose to Rs 2,922 crore from Rs 2,276 crore in the previous year’s same period. Interest income from other loans and mortgages also increased. However, gross non-performing assets (NPAs) rose to 2.3%, and net NPAs increased to 1.2%.
IIFL Finance Reports 6% Decline in Profit Due to RBI Gold Loan Ban
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