IDBI Capital: Cholamandalam Investment's AUM Growth Bounces Back In Q2
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IDBI Capital Report
Cholamandalam Investment and Finance Co. reported higher profitability than expected in Q2 FY21, led by better asset under management growth (13% YoY versus 10% YoY Q1 FY21) and improvement in net interest margins.
NIMs improved surprisingly by 120 basis points QoQ led by change in product mix and lower cost of funds.
As of Oct. 28, 95% of moratorium customers paid at least one EMI, which is positive for asset quality.
Asset quality improved with Stage three assets declined by 36 basis points QoQ to 3% led by better collections and recovery.
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