Sundaram Finance net rises
By Our Banking Bureau | 13 Jun 2003
Sundaram
Finance managing director G K Raman and joint managing
director T T Srinivasa Raghavan say a 25-per cent pickup
in disbursements made way for the profit growth. "The
net profit would have been higher but for the jump in
provisions and write-offs to Rs 42.41 crore from Rs 29.75
crore." Raghavan says the provisioning was done in
excess of the statutory requirement, in order to present
a clean balance sheet.
Disbursements
crossed the Rs 1,500-crore mark, touching Rs 1,532 crore,
against Rs 1,220 crore in 2001-02. Fifty-eight per cent
of the loans were for commercial vehicle purchases. Another
33
per cent went for car financing and, of the remaining
9 per cent, financing of earth-moving equipment constituted
the most. Eleven per cent of the total disbursements went
to finance purchase of used trucks.