IIFL Finance Q4 Profit Falls 6% To ₹431 Crore

IIFL Finance Q4 Profit Falls 6% To ₹431 Crore

The Reserve Bank of India (RBI) on March 4 barred IIFL Finance Ltd from disbursing gold loans, with immediate effect following multiple supervisory concerns, including serious deviations in assaying and certifying the purity of the yellow metal.

PTIUpdated: Sunday, June 16, 2024, 04:25 PM IST
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IIFL Finance To raise ₹1,272 Crore Via Rights Issue | Image: IIFL Finance (Representative)

IIFL Finance on Sunday reported a 6 per cent decline in consolidated net profit to Rs 431 crore for the March quarter as the RBI barred the financial services firm from undertaking gold loan business.

The company had earned a net profit of Rs 458 crore in the same quarter a year ago.

The Reserve Bank of India (RBI) on March 4 barred IIFL Finance Ltd from disbursing gold loans, with immediate effect following multiple supervisory concerns, including serious deviations in assaying and certifying the purity of the yellow metal.

Its consolidated total income during January-March 2024 rose to Rs 2,922 crore as compared with Rs 2,276 crore in the year-ago period, IIFL Finance said in a regulatory filing.

The Reserve Bank of India (RBI) on March 4 barred IIFL Finance Ltd from disbursing gold loans, with immediate effect following multiple supervisory concerns, including serious deviations in assaying and certifying the purity of the yellow metal.

The Reserve Bank of India (RBI) on March 4 barred IIFL Finance Ltd from disbursing gold loans, with immediate effect following multiple supervisory concerns, including serious deviations in assaying and certifying the purity of the yellow metal. | File/ Representative

Interest income of IIFL Finance offers a range of loans and mortgages increased to Rs 2,720 crore during the quarter, as against Rs 2,058 crore in the year-ago period.

During the quarter, the gross non-performing assets (NPAs) increased to 2.3 per cent as against 1.8 per cent at the end of March 2025.

At the same time, the net NPAs also rose to 1.2 per cent from 1.1 per cent at the end of fourth quarter of previous year.

Total CRAR stood at 19.7 per cent as on March 31, 2024, as against minimum regulatory requirement of 15 per cent, it said.

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