Gruh Finance, a subsidiary of the largest housing finance company in the country HDFC , has reported a 10.24 per cent rise in net profit at Rs 22.49 crore for the quarter ended March 2009 as compared to Rs 20.40 crore reported in the corresponding quarter a year ago.
In the same period, total income grew 35.41 per cent to Rs 95.59 crore, as against Rs 70.29 crore reported in the corresponding previous quarter.
This includes a write-back from excess provisions to the tune of Rs 6.36 crore made in earlier quarters against Rs 8.02 crore in the same period last year.
In FY09, net profit went up by 18.75 per cent to Rs 50.28 crore from Rs 42.34 crore in FY08. Total disbursement grew by 3 per cent to Rs 655.25 crore (Rs 632.29 crore), while its loan assets went up by 18 per cent to Rs 2,085.61 crore (Rs 1,769.61 crore).
During the year, the company made a total provision of Rs 3.75 crore compared to Rs 4.33 crore in the corresponding period last year and its gross non-performing assets stood at Rs 19.68 crore.