New Delhi: Leading Small Business financier Shriram City Union Finance Limited (Shriram City) has declared its results for the second quarter and first half of Financial Year 2020.

 Standalone Assets under Management, at Rs. 29722 Crores were up 0.50% year-on-year. While disbursements trended lower in the quarter, asset quality improved substantially, with Gross Stage 3 levels lower by 8.72% year-on-year and by 2.25% sequentially. Standalone Net Profit was higher by 15% for the half-year and by 11.8% for the quarter (year-on-year). Subsidiary Shriram Housing Finance Ltd. grew its Net Profit by 7.69% on a sequential basis and by 4.52% year-on-year.

 Mr. Y.S. Chakravarti, MD & CEO, Shriram City commented  ”This has been one of the tougher quarters, with both demand-side issues as well as tightening of liquidity and our consequential desire to be conservative with disbursements. The business environment has however subsequently improved, and we expect to return to usual business levels in the next two quarters on account of their being part of the festival season. It has been heartening though in Q2 that our asset quality improved further, a trend that we have established over the last year.”

 About Shriram City Union Finance Ltd. (BSE: SHRMCITY, NSE: SHRIRAMCIT): Over three decades old, Shriram City is among the more important players in the retail financing space. The company offers multiple loan products to small business owners and for acquiring assets such as two wheelers, commercial vehicles, passenger vehicles and homes. It also offers loans against gold ornaments and for personal consumption.  A deposit-accepting NBFC, Shriram City is a part of the over Rs. 1 Lac crore Chennai-based Shriram Group.