IIFL Finance Faces 19% Slide in Q1 Net Profit Amid Income Surge

IIFL Finance reported a 19% decline in consolidated net profit for Q1 ending June 30, netting Rs 274 crore compared to Rs 338 crore the previous year. Despite this, the company's total income rose over the quarter, with interest income seeing a significant increase amid growing NPAs.

IIFL Finance announced a significant 19% drop in its consolidated net profit, recording Rs 274 crore in the first quarter ending June 30, compared to Rs 338 crore during the same period last year.

Despite the profit decline, the company's total income for the quarter grew to Rs 2,959 crore from Rs 2,633 crore, attributed primarily to an increase in interest income which rose to Rs 2,720 crore.

The firm reported a rise in gross non-performing assets, moving to 2.3% from 2.2% year-over-year, while maintaining a healthy CRAR of 18.28%, exceeding the regulatory requirement of 15%.

(With inputs from agencies.)