Indiabulls Housing Finance Ltd (IBHFL) posted a 22 per cent growth net profit of Rs 551 crore for the fourth and the last quarter ending March 31, 2015 as against Rs 451.5 crore in the corresponding quarter of the previous year.

Net Interest Income (NII – difference between interest earned and expended) grew 29.5 per cent to Rs 913 crore as against Rs 705 crore in the year ago quarter.

Gagan Banga, MD & CEO, Indiabulls Housing Finance, said, “More than 80 per cent of home loan portfolio is in the sub 50 lakh home loan category. With the rating upgrade and improving economic environment, we foresee a reduction in cost of debt, allowing us to address a still lower risk mass market, ensuring healthy disbursal and loan book growth momentum. This should bode well for the near-term economic outlook.”

The housing finance firm’s average ticket size of the home loans disbursed was at Rs. 24 lakh with an average LTV (loan-to-value) of 71 per cent.

The company said it continues to see strong demand from retail housing loans in Tier I, II & III cities, which contributed to the strong business traction seen in this financial year.

“We expect IBHFL to grow at the rate of 20 to 25 per cent in FY15 -16. We also aim to achieve the balance sheet size of Rs 1 lakh crore by 2018,” Banga added.

The company’s loan book as on March end stood at Rs 52,235 crore as against Rs 41,169 crore as on march last year.

For the full year ended March 2015, its net profit surged by 21 per cent to Rs 1,901 crore as against Rs 1,568.5 crore in the previous year ending March 2014.

NII increased by 22 per cent to Rs 3,179.5 crore as against Rs 2,607.5 crore a year ago.

Gross NPA increased slightly to 0.85 per cent of total advances as against 0.83 per cent as on March end, 2014. Net NPA was at 0.36 per cent from 0.33 per cent.

The company has proposed an interim dividend of Rs 9 per share of face value of Rs 2 has been declared. It has declared and distributed interim dividend of Rs. 26 per share so far in FY 2014-15, it said.

The shares of Indiabulls Housing Finance ended weaker at Rs 554.05 per share, down by Rs 6.50 (1.16 per cent) on BSE.

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