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Indiabulls Housing Finance Q1 profit rises 25.1% to Rs788.2 crore

LiveMint logoLiveMint 24-07-2017 Sahib Sharma

New Delhi: Mortgage lender Indiabulls Housing Finance Ltd Monday said net profit in the June quarter rose 25.1% to Rs788.2 crore, helped by healthy loan growth. The company had reported Rs630.1 crore net profit in the same quarter last year.

Disbursals grew by 29% to Rs6,799 crore in the first quarter compared to Rs5,251 crore a year ago.

Net interest income of the company was up 25.7% to Rs1,323.8 crore from Rs1,053 crore a year ago. The company sold Rs2,025 crore of loans at the end of June, of which 45% were of priority sector lending status.

Asset quality remained stable with gross non-performing loans at 0.80% at the end of the June quarter compared with 0.84% a year ago. Net non-performing assets stood at 0.31% against 0.36% a year ago.

The company raised Rs5,000 crore in the first quarter through bonds and plans to raise Rs25,000 crore more during the rest of this fiscal year, said Ashwini Kumar Hooda, deputy managing director of Indiabulls Housing Finance Ltd.

Indiabulls Housing Finance shares gained 1.48% to close at Rs1,155.25 on Monday on the BSE, while the benchmark Sensex gained 0.68% to close at 32,245.87 points.

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