Money & Banking

Repco Home Fin net surges 51%

Our Bureau Chennai | Updated on November 13, 2019 Published on November 13, 2019

Repco Home Finance has reported a 51 increase in net profit at ₹100.6 crore for the quarter ended September 30, 2019, when compared to ₹66.6 crore in the year-ago period.

Its net interest income grew seven per cent to ₹123.7 crore (₹115.3 crore), posting an increase of seven per cent. Total income from operations grew 13 per cent to ₹335.5 crore, against ₹296 crore in the year-ago quarter, according to a company statement.

Sanctioned loans were lower at ₹694.5 crore during this September quarter, when compared to ₹834 crore. Disbursements stood at ₹701.8 crore (₹776.6 crore). Net interest margin stood at 4.3 per cent (4.5 per cent).

Return on assets and equity were at 3.5 per cent (2.6 per cent) and 26.1 per cent (19.4 per cent), respectively.

The gross non-performing assets (GNPA) stood at 4.2 per cent as of September 2019, when compared to 3.6 per cent in the year-ago quarter.

Loan book

The overall loan book rose 11 per cent to ₹11,495.9 crore as of September 30, 2019. As required under IND AS, the company has carried provisions for expected credit losses to the tune of ₹162.5 crore, or 1.4 per cent of total loan assets.

“Our financial performance remained resilient with robust expansion in profitability even amid growing concerns of slowing consumption, risk aversion and dampened consumer sentiments causing a slowdown in demand for housing. Until the demand and consumer sentiments revive, our focus will be on stability and maintaining the quality of the balance sheet,” said Yashpal Gupta, Managing Director and Chief Executive Officer, Repco Home Finance.

Published on November 13, 2019
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