Northern Arc Capital's Earnings Surge: A 24% Profit Increase in Q2

Northern Arc Capital, a recently listed NBFC, reported a 24% increase in consolidated net profit, reaching Rs 96 crore for Q2 ending September 2024. The company's total income rose to Rs 585 crore. Asset under management grew by 22%, and the capital adequacy ratio stood at 24.9%.

Northern Arc Capital, an NBFC firm that debuted on the stock exchanges last month, has announced a 24% growth in consolidated net profit, totaling Rs 96 crore for the second quarter ending September 2024.

The company had recorded a net profit of Rs 79 crore during the same period the previous year. Its total income saw an increase, reaching Rs 585 crore this quarter, compared to Rs 437 crore in the corresponding quarter of last year, according to a regulatory filing.

Additionally, the firm raised Rs 500 crore through an IPO, boosting its net interest income to Rs 288 crore from Rs 196 crore a year earlier. Asset quality remained strong with a gross NPA ratio of 0.60 per cent, while the capital adequacy ratio was noted at 24.9 per cent.

(With inputs from agencies.)