O.N. Singh steps down as Non-Executive Chairman of Universal Sompo General
Insurance Company Limited
O.N. Singh steps down as Non-Executive Chairman, Universal Sompo General Insurance Company Limited, effective as 2nd November 2020. The Board of Directors accepted his resignation during the board meeting today. He has been associated with the company since its inception and now would like to attend to his social obligations.
Shriram City Union Finance Ltd. declares September 2020 results
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 2021.
In an improved quarter, disbursements grew by 130.8% sequentially. There was significant growth in disbursements in SME loans, Two Wheeler loans (both new and pre-owned) and Gold loans. Standalone Profit Before Tax was up 40.5% and Net Profit was higher by 33.6% sequentially. Operating Expenses were lower by 16.2% annually. Asset quality continued to improve, with Gross Stage 3 levels at 6.67% (versus 7.28% in the previous quarter). Loan impairments and write offs were lower by 35% than last quarter’s levels. Subsidiary Shriram Housing Finance Ltd., clocked their highest-ever quarterly disbursements, which grew 427.6% year-on-year and 571.4% sequentially. Assets under Management for Shriram Housing too exhibited strong growth of 48.2% annually and 17.3% over the last quarter. Stage 3 assets for the subsidiary were at 2.2%, the best asset quality in the last five years.
Mr. Y.S. Chakravarti, MD & CEO, Shriram City Union Finance Ltd. commented: “This has been a heartening quarter, with disbursement growth being seen across almost all our products. We are now fully geared to handle the festival season business, demand for which appears promising. Our asset quality continues to get better with every quarter. Our Housing Finance subsidiary has once again posted sterling results, and the future looks bright for us.”