Indiabulls Home Finance net up 22% on loan growth

Indiabulls Housing Finance today reported a 22 per cent rise in net profit at Rs 551 crore in the quarter ended March, on account of strong loan growth.
For the full fiscal 2014-15, the private sector mortgage lender's net profit rose to Rs 1,901 crore from Rs 1,568 crore last year.
Total revenue in the fourth quarter was Rs 2,122.6 crore, up 36.3 per cent from Rs 1,557.9 crore in the year-ago period.
"Our loan book growth was around 28 per cent which led to growth in profit," Indiabulls Housing Managing Director and CEO Gagan Banga said in a post-earnings conference call.

Net interest income rose 29.5 per cent to Rs 913 crore in the January-March period. Gross NPAs stood at 0.85 per cent as against 0.83 per cent, while net NPA remained stable at 0.36 per cent.
The company saw its cost of funds coming down by 45 basis points. It recently reduced home loan rates by 20 bps to 9.90 per cent.

"We see a further reduction in our cost of funds by 20-25 basis points, which we will pass on to customers in next three months," Banga said.
The company expects to grow at the rate of 20-25 per cent in the current fiscal.

"We also aim to achieve the balance sheet size of Rs one lakh crore by 2018," Banga said, adding the company's total assets stood at Rs 57,231 crore in the last fiscal, up from Rs 44,417 crore a year ago.
In the last fiscal, the company had raised USD 200 million from external commercial borrowing (ECB) and has also sought the Reserve Bank permission to raise an additional USD 300 million through ECB this fiscal.