Northern Arc Capital Q2 results: Net profit rises 24% to Rs 98 cr

NBFC firm Northern Arc Capital, which listed on the bourses last month, reported a 24 per cent increase in consolidated net profit to Rs 96 crore for the second quarter ended September 2024.The lender had earned a net profit of Rs 79 crore in the same quarter in the previous financial year.The total income increased to Rs 585 crore during the quarter under review against Rs 437 crore in the same quarter last year, Northern Arc Capital Ltd said in a regulatory filing.Its net interest income (NII) rose to Rs 288 crore compared to Rs 196 crore a year ago.On the asset quality front, the gross non-performing assets (NPAs) ratio stood at 0.60 per cent, while net NPA stood at 0.18 per cent as of September 30, 2024.During the quarter, the NBFC firm raised fresh equity capital of Rs 500 crore through an initial public offering.Capital Adequacy Ratio stood at 24.9 per cent at the end of the second quarter.Asset Under Management grew by 22 per cent to Rs 12,309 crore as of September