Repco Home Finance - Loan Growth Still Muted; Low Incremental Restructuring In Q2: Motilal Oswal
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Motilal Oswal Report
Repco Home Finance Ltd. reported a Q2 FY22 profit after tax of Rs 859 million (16% beat), up ~6% YoY and 168% QoQ, driven by a 12% YoY and 8% QoQ growth in net interest income (8% beat) and a healthy improvement in other income.
Credit costs declined by 78% QoQ to Rs 169 million, driven by a minor sequential improvement in the asset quality and lower incremental restructuring.
Pre provision operating profit rose 14% YoY and 8% QoQ to Rs 1.32 billion, with operating expenses up 10% YoY and 15% QoQ.
Loan growth continued to remain muted, led by Repco’s inability to significantly improve its levels of disbursements and stem the elevated levels of balance transfers.
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