Larsen & Toubro Financial Services (L&T Finance) has released its Q3 business update. The company reported a significant growth in its retail loan book, which surged 23% to ₹92,200 crore (approximately $12.5 billion) as of December 31, 2022. This growth is driven by a 25% year-on-year (YoY) increase in new originations, with the company disbursing ₹13,400 crore (approximately $1.8 billion) in the quarter.
The company’s net interest income (NII) grew 15% YoY to ₹948 crore (approximately $128 million), driven by higher interest yields and enlarged asset book. Its non-interest income, primarily comprised of fees and commission, increased 14% YoY to ₹153 crore (approximately $20 million).
L&T Finance’s net profit after tax (PAT) stood at ₹415 crore (approximately $55 million), up 22% YoY. The company’s asset base crossed ₹1.75 lakh crore (approximately $230 billion), with a gross non-performing asset (GNPA) ratio of 4.45% and a provisioning coverage ratio of 104.66%. The company’s equity share price rose 1.1% intra-day post the Q3 results.