Indiabulls Housing Finance Q1 profit rises 23% to Rs630 crore
Mumbai: Mortgage lender Indiabulls Housing Finance Ltd on Monday reported a 23% growth in its net profit to Rs.630 crore in the quarter ended June, helped by healthy loan growth. The company had reported Rs.511 crore profit after tax in the same quarter last year.
“The profit was driven by a 31% loan growth, of which home loan grew by 38%,” company’s deputy managing director Ashwini Hooda told PTI. Loans grew to Rs.71,000 crore as of 30 June from Rs.54,000 crore last year.
Hooda said the company will be increasing its share of home loans to 57% in its entire loan portfolio by end of this fiscal year from 53% at present. “Due to reduction of cost of funds, we will like to increase our composition of home loans rather than increasing spreads,” he said.
Net interest income of the company was up 28% to Rs.1,053 crore from Rs.821 crore. The company sold Rs.1,114 crore of loans in the first quarter, against Rs.522 crore in the year-ago period. The sold down portfolio at the end of 30 June stood at Rs.8,246 crore. The asset quality remained stable with gross non-performing loans at 0.84% and net non-performing assets at 0.36%.
The company has raised Rs.4,000 crore in the first quarter through non convertible debentures and it plans to raise Rs.18,000 crore via bonds in the rest of this fiscal year. The company will be raising $250 million (around Rs.1,663 crore) through external commercial borrowing next week, Hooda said.