Poonawalla Fincorp’s second-quarter profit rises more than fivefold

Poonawalla Fincorp made Rs 375 crore in profit in its second quarter, more than five times its profit a year earlier.

Its assets under management grew 55% to Rs 74,008 crore.

The lender said a larger loan book helped raise interest and fee income.

Its gross non-performing loan ratio also fell, meaning a smaller share of its loans were overdue or at risk of not being repaid.