The one-time provision created in Mar’16, on a prudent basis, to meet the provisioning norms to be complied by Mar’18, has been retained as standard assets provision.
We disbursed ₹ 3,326 Cr in our Vehicle Finance business as against ₹ 2,588 Cr. in Q1 of FY16. This was a growth of 29%. Home Equity disbursements grew by 19%, from ₹ 831 Cr in Q1 FY16 to ₹ 991 Cr in Q1 FY17. Chola’s aggregate disbursements for the quarter were ₹ 4,561 Cr as against ₹ 3,508 Cr in Q1 of FY16.
Chola’s Net Income Margin (NIM) was 8.4% for the quarter, compared to 8.5% in the same quarter of last year.
We continue to enhance the focus on collections. The company was able to ride out the traditionally difficult first quarter, retaining the GNPA at 3.6% (at 4 months’ overdue) and NNPA is 2.1%.
Chola’s PBT-ROTA for Q1 FY17 improved to 3.8% as against 2.9% in Q1 FY16.
The capital adequacy ratio (CAR) of the company was at 18.73% as against the regulatory requirement of 15%.
The subsidiaries Cholamandalam Securities Limited (CSEC), Cholamandalam Distribution Services Limited (CDSL) and White Data Systems India Private Limited (WDSI) together made a profit before tax of ₹ 2.05 Cr in Q1 FY17, as against ₹ 1.25 Cr in the same quarter last year.
The consolidated profit after tax for Q1 is ₹ 167 Cr. as against ₹ 111 Cr. in Q1 of FY17, registering a growth of 50%.