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Indiabulls Financial FY11 net zooms on home loan growth

Indiabulls Financial FY11 net zooms on home loan growth
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First Published: Fri, Apr 22 2011. 06 36 PM IST
Updated: Fri, Apr 22 2011. 06 36 PM IST
Mumbai: Non-banking lender Indiabulls Financial Services said net profit for fiscal 2011 more than doubled to Rs743 crore, helped by growth in long-term, low-risk mortgage loans and falling delinquency levels.
Diversified and long-duration liabilities and decreasing cost income ratio have also contributed to the growth in profit and revenue for the financial year ended 31 March, Indiabulls said.
The lender’s income from operations for the year rose 56% to Rs2,256 crore, while other income rose 33% to Rs217 crore.
The firm’s share of mortgages in total loans rose to 71% from 64% in FY10, while business loans saw a decline from 8% of the total loan book in FY10 to 2% in FY11, it said.
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First Published: Fri, Apr 22 2011. 06 36 PM IST