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Indiabulls Financial Services Ltd reported a 31 per cent jump in the second-quarter net profit at Rs 303.59 crore (Rs 267.65 crore a year ago) on the back of higher interest income and fee income.
Indiabulls Financial is a non-banking finance company with asset under management of Rs 31,025 crore as at September-end 2012. Mortgages accounted for 71 per cent of total loans; corporate loans (21 per cent) and commercial vehicle loans (8 per cent).
Total income grew 31 per cent to Rs 1,173 crore from 896 crore, a year ago. Total expenses declined to Rs 129.44 crore from 146.24 crore, a year earlier.
“Interest income and fee income continue to be significant income streams for the company,” Indiabulls said in a presentation on the BSE website. Shares of the Indiabulls closed at Rs 237.90 (up 3.61 per cent) on the Bombay Stock Exchange.
Reverse Merger
The company is in the final stage of completing the reverse merger with Indiabulls Housing finance, its 100 per cent subsidiary. The reverse merger will help in consolidating capital and allow it to chase mortgage finance opportunities, the company said.
Indiabulls Financial said that it has received the nod of shareholders and creditors to change the name of the company post the reverse merger. The new name will reflect the company’s continued focus on home loan business.
>satyanarayan.iyer@thehindu.co.in
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