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Nirmal Bang Report
Aavas Financiers Ltd.’s results came in lower than our estimates due to higher-than-expected contraction in net interest margin and elevated operating expenses.
Assets under management growth was broadly in line with our estimate at 5.5% QoQ (23.6% YoY), driven by healthy growth in disbursements at 5% QoQ (27% YoY).
Aavas Financiers expects the momentum in disbursements growth to continue, as generally ~50-60% of the total annual disbursements happen in H2 of a financial year. net interest income declined by 8.5% QoQ to Rs 1,854 million (increased by 3.3% YoY) since the cost of funds increased at a faster clip.
Assignment income came in strong, leading to net revenue growth of 16.6% QoQ at Rs 2,518 million (21.1% YoY)
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