Driven by strong growth in housing loans, Indiabulls Housing Finance reported a 24 per cent rise in net profit at ₹555.5 crore for the second quarter ended September 30, 2015, against ₹448 crore in the year-ago period.
Net interest income (NII) jumped 35 per cent to ₹885 crore as compared with ₹657 crore a year ago.
“The loan assets crossed ₹58,000 crore this quarter and we are increasing our housing loan portfolio. It constitutes 50 per cent of our total book...In three years time, we intend to increase it to 60 per cent,” Ashwini Kumar Hooda, Deputy Managing Director of the company, said.
The average ticket size of the company’s home loans is ₹24 lakh.
The company’s loan against property and developer loans stand at 26 per cent and 24 per cent of the total book, respectively.
Gross non-performing assets (NPA) and net NPA as a percentage of total loans remained almost stable at 0.84 per cent and 0.35 per cent, respectively.
During the quarter, the housing finance player raised ₹4,000 crore ($600 million) equity via the QIP route and the funds are sufficient to support business growth for the next five-six years.
The company also said its board has declared a third interim dividend of ₹9 an equity share for the financial year 2015-16.
The company’s scrip closed at ₹736.45 on the BSE on Wednesday, down 0.24 per cent from its previous close.