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Indiabulls Housing Finance reported an 8 per cent drop in its consolidated net profit for the third quarter of the fiscal to ₹ 302.97 crore from ₹ 329.32 crore in the same period last fiscal.
Its total revenue from operations fell 9.5 per cent to ₹2,274.36 crore in the quarter ended December 31, 2021 as against ₹ 2,513.25 crore in the same period last fiscal.
On a sequential basis, its loan book declined 4.8 per cent to ₹60,797 crore at the end of the third quarter of the fiscal from ₹ 64,062 crore in the second quarter.
“With total retail disbursals of ₹2,800 crore for the third quarter of the fiscal, we are already the third largest disbursing housing finance company in the country. With all seven of our intended co-lending tie-ups operational, we have already exceeded our targeted ₹1,000 crore co-lending disbursals in the third quarter, and clocked ₹1,573 crore of retail co-lending disbursals,” Indiabulls Housing Finance said in a statement on Wednesday.
Gross NPAs
It further said it has complied with RBI’s new asset classification and reclassification norms. Gross non-performing assets was 3.18 per cent as on December 31, 2021 versus 2.69 per cent as on September 30, 2021 and 1.75 per cent as on December 31, 2020. Net NPA was at 1.8 per cent at the end of the third quarter as compared to 1.53 per cent as on September 30, 2021.
Provisions amount to ₹ 2,774 crore or 4.5 per cent of loan book.
The company said collection efficiency has now normalised to pre-Covid levels.
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