Money & Banking

CanFin Homes profit up 41%

Our Bureau Bengaluru | Updated on January 12, 2018 Published on January 17, 2017

Growth in income and disbursals has boosted CanFin Homes’ profit by 41.33 per cent to ₹59.60 crore for the third quarter (Q3) of 2016-17 against ₹42.17 crore in the same period last year.

The company’s total income rose 23.82 per cent to ₹349.64 crore from ₹282.36 crore recorded in the year-ago period. EPS (basic) stood at ₹22.39 (₹15.84).

Loan approvals jump

Commenting on the company’s performance, SK Hota, Managing Director, CanFin Homes, said: “During the quarter loan approvals grew by 33 per cent, disbursements 31 per cent and outstanding loan book by 28 per cent.”

Gross non-performing assets (NPAs) continue to remain low at 0.24 per cent (0.27 per cent last year).

Net NPAs were contained at 0.01 per cent (0.04 per cent), and provision coverage stood at 94 per cent (85 per cent in the year-ago period).

Eighty-eight per cent of fresh loan approvals during Q3 was for housing loans.

CanFin Homes has also announced reduction in home loan rates by 75 basis points (bps) effective January 18.

The company has set a loan book target of ₹35,000 crore (current loan book is ₹12,688 crore) by March 31, 2020.

Published on January 17, 2017

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