Northern Arc Capital Reports 24% Profit Surge to ₹96 Crore in Q2

29 Oct 2024 , 10:06 PM

Northern Arc Capital, a non-banking financial company (NBFC) that listed on the stock exchanges last month, reported a consolidated net profit of ₹96 Crore for the second quarter ending September 2024, marking a 24% increase from ₹79 Crore in the same quarter of the previous financial year.

The company’s total income surged to ₹585 Crore during the reviewed quarter, up from ₹437 Crore in the corresponding period last year. Net interest income (NII) also saw significant growth, rising to ₹288 Crore compared to ₹196 Crore a year ago.

In terms of asset quality, Northern Arc Capital reported a gross non-performing assets (NPAs) ratio of 0.60%, with a net NPA ratio of 0.18% as of September 30, 2024.

During this quarter, the company successfully raised ₹500 Crore in fresh equity capital through its initial public offering (IPO). The Capital Adequacy Ratio (CAR) stood strong at 24.9% at the end of the second quarter.

Additionally, the firm’s Assets Under Management (AUM) grew by 22%, reaching ₹12,309 Crore as of September 30, 2024, highlighting its expanding financial footprint.