DHFL Q1 profit grows 29% to Rs260 crore
New Delhi: Mortgage lender DHFL on Friday reported a 29% rise in net profit at Rs260 crore for the first quarter ended June on the back of lending push.
The company had posted net profit of Rs201.4 crore in the same quarter of the last fiscal. Total income went up to Rs 2,408 crore, from Rs 1,956 crore a year earlier.
Loan book outstanding saw a growth of 20% to Rs 76,225 crore during the quarter as against Rs63,646.6 crore in the corresponding quarter of the previous fiscal.
Loan disbursements and sanctions for the June quarter stood at Rs 8,237 crore and Rs10,863 crore, respectively, an increase of 33% and 23% over the same period a year before, DHFL chairman and managing director Kapil Wadhawan said.
Assets under management (AUM) grew 23% year on year to Rs 88,236 crore as of June end. Gross NPA marginally declined to 0.97% while net interest margin rose to 3.05% from 2.91% a year ago.
“The government’s reforms momentum continued this quarter as we witnessed some major initiatives with the introduction of a new regime in the form of RERA, and reduction of LTV ratios,” Wadhawan said.
Given the circumstances, he said, DHFL has registered a steady growth of AUM reflecting “the success of growth strategy, business model and our commitment to the larger goal of facilitating home ownership across India, all of which encourage us to maintain the momentum to achieve our targets for 2017-18”. “With the introduction of new policies by the government, the housing finance sector is poised for significant growth,” he added.