Business

Chola Financial net plunges 38%

Cholamandalam Financial Holdings Ltd., formerly known as TI Financial Holdings Ltd., has reported 37.93% decline in its standalone net profit to ₹18 crore for the second quarter ended September 2019, compared with the corresponding period last year.

Total income for the period declined to ₹18.37 crore from ₹29.53 crore.

The company disbursed ₹7,381 crore for the second quarter compared with ₹6,899 crore in the year ago period. In the first half of FY20, assets under management (AUM) grew 23% to ₹64,409 crore compared with the corresponding period of last year.

The firm’s subsidiary, Cholamandalam MS General Insurance Company Ltd., in which the company holds about 60% stake, registered a Gross Written Premium of ₹1,192 crore, an increase from ₹1,103 crore.

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Printable version | Jul 1, 2020 1:25:37 PM | https://www.thehindu.com/business/chola-financial-net-plunges-38/article29932642.ece

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