Indiabulls Housing Finance (IBHFL) today reported a 22.6 per cent jump in net profit to Rs 675.5 crore in the fourth quarter ended March 31, mainly driven by expansion in loan book size and higher fee income.
The company had posted a profit after tax of Rs 551.1 crore in the same period last year.
"The rise in profit was due to expansion of loan and increase in fee income. Also, we got benefit from increase in spreads in the period," IBHFL Vice-Chairman and Managing Director Gagan Banga told PTI.
Fee income for January-March shot up 30.9 per cent to Rs 189.5 crore from Rs 144.8 crore a year ago.
The spread on loan assets expanded to 318 basis points in the quarter from 316 basis points.
For the year, the company's profit after tax was Rs 2,344.7 crore, up 23.3 per cent from Rs 1,901.2 crore in the last fiscal.
Gross NPA and net NPA stood at 0.84 per cent and 0.35 per cent, respectively.
At the end of March, IBHFL's cost of funds stood at 9.12 per cent from 9.50 per cent.
In FY16, it sold Rs 3,971.2 crore of loans compared with Rs 2,545.5 crore in all of FY15. The sold down portfolio at the end of FY16 stood at Rs 7,818.7 crore.
In FY17, the company plans to raise Rs 14,000 to Rs 15,000 crore through bonds, Banga said.
The company's scrip ended 0.28 per cent down at Rs 671 on BSE, whose benchmark index Sensex closed at 25,678.93, down 0.62 per cent.
