Money & Banking

Aadhar Housing posts ₹100-cr net

Our Bureau Coimbatore | Updated on June 21, 2018 Published on June 21, 2018

The move is seen to allow people in smaller towns, where costs are lower, to acquire bigger houses   -  The Hindu

 

 

After its merger with DHFL Vysya Housing Finance, Aadhar Housing Finance is expecting a 55 per cent growth in loan disbursement and 50 per cent growth in its loan book.

Deo Shankar Tripathi, Managing Director and CEO, Aadhar Housing Finance, said that as a merged entity on a comparable basis, the company has reported a 103 per cent increase in its net profit in fiscal 2017-18, compared to the previous year.

Its net profit in FY18 touched ₹100 crore, up from ₹49 crore in FY17, while total income increased to ₹798 crore from ₹543 crore in the year-ago period. Loan disbursements were up at ₹3,900 crore against ₹2,300 crore in FY17.

Total assets under management grew to ₹7,966 crore (₹4,991 crore) by the end of March 2018.

The ‘Housing for All’ scheme has given a big boost to the affordable housing segment.

The company hopes to add 75,000 new accounts during the current fiscal and achieve a 55 per cent growth in loan disbursement, he said.

In its bid to decrease the turnaround time, the company is continuously investing in technology, and has set up a central processing unit in Mumbai.

“We are covering 1,500 additional locations from 275 branches through an effective hub-and-spoke model. We have proposed to increase the spoke locations to 2,500 to reach out to customers in these new locations. We have set up an alternate channel to drive these initiatives,” he said.

Published on June 21, 2018
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