Shares of Sure Financial institution on Thursday zoomed 20 per cent after the corporate reported a internet revenue of Rs 2,629 crore for the March quarter. The inventory jumped 19.92 per cent to Rs 31.60 on BSE, whereas it rallied 19.96 per cent to Rs 31.55 on NSE. Sure Financial institution on Wednesday reported a internet revenue of Rs 2,629 crore for the March quarter, helped by a large achieve of over Rs 6,200-crore arising out of a controversial write-off of bond traders’ funding.
If the one-off achieve is excluded, then the financial institution, which was bailed out by a consortium led by State Financial institution of India (SBI) in March, has a lack of Rs 3,668 crore within the newest quarter beneath assessment.
The personal sector lender posted a lack of Rs 18,560 crore within the December quarter whereas the loss was at Rs 1,506 crore within the March 2019 quarter.
The one-time achieve is from the write off of extra tier-I bondholders’ Rs 8,419-crore funding, in response to a launch.
For the fiscal 12 months 2019-20, Sure Financial institution reported a lack of Rs 16,481 crore. It had a revenue of Rs 1,720 crore within the year-ago interval.
The financial institution confirmed a marginal enchancment within the gross non-performing property ratio at 16.80 per cent within the March quarter as in opposition to 18.87 per cent within the three months ended December 2019.
(With PTI inputs)