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HomeFirst Finance’s net profit for the fourth quarter of 2020-21 surged 150.8 per cent to ₹31 crore from ₹12 crore in the corresponding period a year ago. In 2020-21, its net profit had increased 25.9 per cent to ₹100 crore from ₹80 crore in 2019-20.
For the quarter ended March 31, 2020, its disbursements increased by 30.4 per cent to ₹452 crore as against ₹347 crore in the same period in the previous fiscal. Gross stage 3 is at 1.8 per cent and net stage 3 is at 1.2 per cent with zero restructuring, it said in a statement on Monday. Its assets under management grew 14.4 per cent on an annual basis to ₹4,141 crore in 2020-21.
“Our collection efficiency ratio has improved to 98.5 per cent in March 2021. All our leading indicators of asset qualityhave shown improvement over the previous quarter,” said Manoj Viswanathan, MD and CEO, HomeFirst Finance, adding that with the SARFAESI restrictions recently lifted, the company is confident of resolving its Stage 3 accounts in coming months.
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