Indiabulls Housing Finance Ltd (IBHFL) today posted a rise of over 25.7 per cent in net profit at Rs 788.20 crore for the first three months to June of the current fiscal on margins expansion and growth in mid- income affordable housing segment.
The home loan financier had registered a net profit of Rs 630.10 crore in the corresponding June quarter of 2016-17.
Total revenues of the company increased by 24.2 per cent to Rs 3,225 crore for the reported quarter of 2017-18 against Rs 2,597.50 crore a year earlier, the company said in a statement.
There was a decrease in company's gross non-performing assets (NPAs) at 0.80 per cent of the gross loans as on June 30, 2017, from 0.84 per cent of the same period year ago.
Net NPAs or bad loans were 0.31 per cent of the net advances against 0.36 per cent year earlier.
"On the back of increasing share of low-risk home loans to the mid-income segment, NPAs have declined," it said.
The company said disbursals grew strongly to Rs 6,799 crore, up 29 per cent over the corresponding quarter of the previous fiscal disbursals of Rs 5,251 crore.
"Disbursal growth is propelled by growth in mid-income affordable housing segment. Margins are now at the higher end of the guided range and are expected to remain there as benefits from the upgrade continue to accrue," the company said.
In June quarter of 2017-18, the company sold down Rs 2,025 crore of loan assets which was the highest-ever loan sell down in a first quarter of a financial year and was equivalent to 64 per cent of the incremental loan assets added in the quarter, IBHFL said.
"Margins have expanded due to funding efficiencies from the upgrade in our long-term credit rating to the highest AAA rating by rating agency ICRA. We are confident of sustaining loan amount growth at over 30 per cent, propelled by growth in home loan disbursals for mid-income housing, said company Vice Chairman and MD Gagan Banga.
IBHFL board of directors at a meeting held today declared an interim dividend of Rs 9 per share for the current fiscal.
The dividend will be paid on or before August 22, 2017.
Stock of the company closed 1.48 per cent higher at Rs 1,155.25 on BSE.
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