Manappuram Finance Q3 Review - Collections Improving, Growth Outlook Positive: Nirmal Bang
Agents process a customer’s gold loan application at their home in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)  

Manappuram Finance Q3 Review - Collections Improving, Growth Outlook Positive: Nirmal Bang

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

Nirmal Bang Report

Manappuram Finance Ltd. reported net profit much ahead of our estimate, primarily on account of lower-than-expected provisioning and better cost control.

Net interest income grew by 16.2% YoY and 6% QoQ, driven by strong asset under management growth (up 14.7% YoY, up 2.7% QoQ).

Net interest margin was stable at 15.6%, marginally up QoQ (up 3 basis points) as cost of funds fell from 9.1% in Q2 FY21 to 8.95% in Q3 FY21.

Since Q4 FY20, the company has seen a cumulative drop of 55bps in the cost of funds.

Click on the attachment to read the full report:

Nirmal Bang Manappuram Finance-Q3FY21 Result Update-30 January 2021.pdf

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