Money & Banking

HomeFirst Finance Q2 net profit up 213%

Our Bureau Mumbai | Updated on October 25, 2021

Total income had jumped by 34.3 per cent on year on year basis.

HomeFirst Finance posted a 213 per cent jump in its net profit for the second quarter of the fiscal to ₹45 crore from ₹14 crore in the same period last fiscal.

For the July to September 2021 quarter, its total income jumped up by 34.3 per cent on year on year basis to ₹146 crore.

Total disbursements increased by 111.9 per cent to ₹515 crore in the quarter ended September 30, 2021 from ₹243 crore in the corresponding quarter last fiscal.

Gross stage 3 assets rose by 80 basis points to 1.7 per cent as on September 30, 2021 from 0.9 per cent a year ago. However, it was down 20 basis points from 1.9 per cent as on June 30, 2021.

Manoj Viswanathan, MD and CEO, HomeFirst Finance said, “Our second quarter 2021-22 performance was better than our expectation, with disbursals crossing ₹500 crore for the first time. We recorded an assets under management growth of 23.8 per cent year on year and a sequential growth in profit after tax of 27.8 per cent.”

Bounce rates improved in October 2021 to 15 per cent from 16.5 per cent in the second quarter of 2021-22 and 18.3 per cent in the first quarter.

Published on October 25, 2021

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