Fusion Finance posts 62cr June quarter profit after provisions drop
Business
Fusion Finance just reported a ₹62 crore net profit for the June quarter, a huge turnaround from last year's ₹92 crore loss.
The main reason? Impairment charges (basically, money set aside for risky loans) dropped from ₹179 crore in the June quarter last year, while credit cost declined to ₹40 crore in the June quarter, giving their bottom line a serious boost.
Fusion Finance disburses 1,783cr AUM 7,702cr
Loan disbursements shot up 88% to ₹1,783 crore, and the company's assets under management hit ₹7,702 crore.
Their net interest margin also improved to 12%.
MD and CEO Sanjay Garyali credits this comeback to smart risk management and a phased rollout of its Loan Management System and AI-enabled capabilities that make things smoother for customers.