Fusion Finance's return to profitability was bolstered by a significant reduction in gross non-performing assets alongside a 14% expansion in assets under management. Core operations showed marked resilience, as net interest margins advanced to 12.5% and pre-provision operating profit jumped 40% to Rs 125 crore. Managing Director Sanjay Garyali indicated that business momentum is projected to pick up further in the third quarter. The company remains committed to expanding its managed asset portfolio by 20% to 25% over the medium term.
Key points
Assets under management expanded by 14% year-on-year to reach a total of Rs 8,007 crore.: Assets under management expanded by 14% year-on-year to reach a total of Rs 8,007 crore.
Pre-provision operating profit witnessed a strong surge of 40% to settle at Rs 125 crore.: Pre-provision operating profit witnessed a strong surge of 40% to settle at Rs 125 crore.
Management projects improved third-quarter momentum while targeting medium-term portfolio…: Management projects improved third-quarter momentum while targeting medium-term portfolio expansion of 20% to 25%.
Sources checked by our analysis pipeline: 1
The lender managed to bring down the gross non-performing assets ratio to 1.6% at the end of September, improving about 301 basis points year-on-year, while it grew assets under management 14% to Rs 8007 crore.
Fusion's net interest margin (NIM) improved to 12.5%, expanding 167 bps year-on-year.
Its total income rose about 12% year-on-year at Rs 486 crore while pre-provision operating profit surged 40% at Rs 125 crore.
Fusion expects faster business expansion going forwards. "We expect growth momentum to improve in Q3 and remain committed to our medium-term AUM growth ambition of 20–25%," managing director Sanjay Garyali said.
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