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Our Bureau

Mumbai , Oct. 27

DEWAN Housing Finance Corporation has reported a 14.36 per cent increase in net profit for the quarter ended September 30, 2004.

Net profit for the quarter amounted to Rs 6.03 crore, as against Rs 5.27 crore reported for the corresponding quarter of the previous year.

Loan disbursements rose 89 per cent year-on-year during the quarter, and were at Rs 170.33 crore, up from Rs 90.16 crore.

Operating income stood at Rs 40.24 crore, up from Rs 35.62 crore.

Total expenditure amounted to Rs 32.69 crore (Rs 28.85 crore), while interest costs amounted to Rs 25.72 crore (Rs 24.56 crore).

Gross profit amounted to Rs 7.89 crore (Rs 7.15 crore).

Net profit for the first half of the fiscal rose 18.38 per cent, to Rs 11.64 crore (Rs 9.83 crore).

The total loan asset size at the end of the period under consideration rose 32 per cent, and stood at Rs 1,412 crore, as against the year-ago size of Rs 1,069 crore.

The company has provided for 90 days norm on provisioning; for contingency during the first half, in compliance with the new NPA norms of National Housing Bank, an amount of Rs 2.98 crore (Rs 0.45 crore) has been provided.

In spite of this, said a news release from the company, the level of NPA is very comfortable, at below 1 per cent.

More Stories on : Financial Performance | Housing Finance

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