Mumbai: Bharat Financial Inclusion Ltd (BFIL) on Tuesday reported a 80% increase in net profit on back of increase in loan portfolio and minimum alternative tax (MAT) credit.
The net profit for December quarter stood at Rs142.81 crore compared to Rs79.49 crore in the same period last year.
Gross loan portfolio increased by 38% in the third quarter to Rs8,531 crore compared to Rs6,177 crore a year ago. MAT credit at the end of December quarter stood at Rs191 crore.
“Growth in the top line, loan portfolio has been the main driver for profitability, For our portfolio the slippages has been minimal so there is no impact as such,” said Ashish Damani, chief financial officer of BFIL.
Other income grew 27% in the third quarter to Rs45.97 crore.