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Dewan Housing Finance Corporation (DHFL) reported a 15 per cent increase in net profit at ₹162 crore in the fourth quarter ended March 31, 2015, as against ₹141 crore in the year-ago period.
In the financial year ended March 31, 2015, the housing finance company clocked 17 per cent growth in net profit at ₹621 crore (₹529 crore in FY 2014).
DHFL’s board of directors recommended a final dividend of ₹2 an equity share of ₹10 each to equity shareholders.
In the reporting quarter, deferred tax liability of ₹10.60 crore (nil in the year-ago period) on special income tax reserve and a 33 per cent increase in other expenses at ₹96 crore (₹72 crore) moderated profit growth.
Revenue from operations increased 12 per cent to ₹1,581 crore (₹1,416 crore).
Kapil Wadhawan, Chairman & Managing Director, attributed the profitability growth to his company’s focus on home loans in Tier-II and Tier-III cities and the lower and middle income segments.
Net interest margin improved to 2.89 per cent as at March-end 2015 from 2.71 per cent as at March-end 2014 on the back of lower cost of funds, he said.
The company, which reported 19 per cent increase in home loan disbursements at ₹19,821 crore in FY15, expects 20 per cent growth in home loan disbursements in FY16.
The average assets under management increased 27 per cent to ₹56,884 crore in FY15 against ₹44,822 crore in FY14, said Wadhawan.
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