HomeFirst Finance reported a 213 per cent jump in its net profit for the second quarter of the fiscal year to ₹45 crore from ₹14 crore in the same prior financial period.
In the period July-September 2021, its total income jumped by 34.3 per cent year on year to ₹146 crore.
Total payments increased by 111.9 per cent to Rs 515 crore in the quarter ended September 30, 2021 from Rs 243 crore in the previous corresponding quarter.
Total Phase III assets increased 80 basis points to 1.7 percent as of September 30, 2021, from 0.9 percent a year earlier. However, it is down 20 basis points from 1.9 percent on June 30, 2021.
Manoj Viswanathan, Managing Director and CEO of HomeFirst Finance said, “The performance of the second quarter 2021-22 was better than our expectations, with payments exceeding Rs 500 crore for the first time. We recorded a 23.8 per cent YoY growth in assets under management and sequential growth in Profit after tax at 27.8%.”
Bounce rates improved in October 2021 to 15 percent from 16.5 percent in the second quarter of 2021 to 22 and 18.3 percent in the first quarter.