Money & Banking

Indiabulls Housing Finance Q1 net up marginally

Our Bureau Mumbai | Updated on August 05, 2021

Net non performing assets declined to ₹1,227 crore in the first quarter

Indiabulls Housing Finance registered a 3.2 per cent increase in its consolidated net profit at ₹281.69 crore for the quarter ended June 30, 2021. Its net profit was ₹272.84crore in the same period last fiscal.

Its net interest income was up 4.65 per cent to ₹765 crore in the first quarter of the fiscal from ₹731 crore a year ago.

Total revenue from operations, however, fell 9.9 per cent on a year on year basis to Rs ₹ 2,320.69 crore as on June 30, 2021.

Loan book degrew by 10.5 per cent to ₹65,438 crore in the first quarter of the fiscal as against ₹73,129 crore a year ago.

It shored up provisions on the balancesheet to ₹3,600 crore or 5.5 per cent of the loan book.

“The high provision cushion places the company’s portfolio in a strong position to negotiate any macroeconomic uncertainties stemming from second wave and expected third wave of the Covid-19 pandemic,” Indiabulls Housing Finance said in a statement on Thursday.

Net non performing assets declined to ₹1,227 crore in the first quarter of the fiscal as against ₹1,517 crore in the corresponding quarter in the previous fiscal.

“Real estate sector is in strong upward trajectory thereby providing high impetus to company’s borrowers in their business. Had the company not chosen to de-grow its book in the past one year, the above gross NPAs of 2.86 per cent would have been at 2.45 per cent,” it further said.

Subsequent to the second wave of Covid-19, collection efficiency has normalised in June and July and is now at about 98 per cent.

Published on August 05, 2021

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor

You May Also Like