Indiabulls Housing Finance reports 37% drop in standalone Q4 pre-tax profit

The lender made extra provisions of Rs 700 crore on account of Covid-19 equivalent to 1 per cent of the loan book.

Indiabulls Housing Finance has reported a 37 per cent decline in pre-tax profit for the March quarter (Q4FY20), on a stand-alone basis. The fall was driven by extra provisions made on account of Covid-19.

The lender reported pre-tax profit of Rs 789 crore in Q4, against Rs 1,252 crore in the same period last year. Net profit declined 20.77 per cent to Rs 693.53 crore, from Rs 875.39 crore.

The lender made extra provisions of Rs 700 crore, equivalent to 1 per cent of the loan book. It has raised more than Rs 9,000 crore in the last three months via bond