Indiabulls Housing Finance Q2 net rises 26% to Rs861 crore
Mumbai: Indiabulls Housing Finance Ltd (IBHFL) Monday reported a net profit of Rs861 crore during the July-September quarter, 26% up from Rs684.3 crore a year ago. The rise in profit was on account of growth in its home loan business.
Home loans comprise 60% of the firm’s total mortgage loan portfolio of Rs9,500 crore. Home loan disbursements grew 36.4% year-on-year (y-o-y) and assets under management for home loans grew 41.4%.
“We will see continued growth in home loan business driven by affordable housing. Affordable housing is likely to see a growth of over 35% for IBHFL,” said Ashwini Kumar Hooda, deputy managing director.
IBHFL’s home loan portfolio of stands at Rs5700 crore, of which about Rs4900 crore worth of loans fall under the affordable housing category.
“40% of our affordable housing loans fall under the credit-linked subsidy scheme. Our average ticket size for affordable housing is Rs 25 lakh,” Hooda said.
The HFC’s gross non-performing assets stood at 0.78%, down from 0.83% a year ago. “We will continue to see the asset quality get better as we are seeing a sharp growth in our low-risk retail assets,” Hooda said. The firm expects its portfolio of loans against property to grow by 15%-20% during year.
IBHFL’s capital adequacy stood at 21.72% during the quarter, up from 20.91%. Its average loan to value is 71%. For affordable housing, the LTV is around 73%.
As on 30 September, IBHFL’s total loan book stood at 1,00,257.2 crore. “We expect our loan book to grow by Rs 30,000 crore during the year,” said Hooda.
- Padmaavat release: Rajasthan minister says Raje govt to approach Supreme Court
- 20 AAP MLAs have sought time to meet President Kovind: Manish Sisodia
- Donald Trump marks year one with US government shutdown drama
- Bawana factory fire: 17 feared dead, Delhi govt orders inquiry
- IMF, World Bank laud RBI for ‘strengthening’ supervision