Comments
Sundaram BNP Paribas Home Finance plans to raise more than Rs 4,000 crore during this fiscal to support its growth plans.
The proposed money will be raised through a mix of different funding instruments, including tapping the debt market, according to a statement.
The company, a 50.1:49.9 JV between Sundaram Finance Ltd and BNP Paribas of France, has posted a 64 per cent rise in net profit at Rs 26 crore for the quarter ended March 31, 2019, as compared to Rs 16 crore in the year-ago quarter.
Home loan disbursements during the fourth quarter of FY19 grew eight per cent at Rs 480 crore when compared with Rs 446 crore in the same period of the previous fiscal.
For the full year ended March 31, 2019, the company’s net profit stood at Rs 145 crore as compared to Rs 144 crore in the previous fiscal. Home loan disbursements for the full year were marginally up at Rs 1,681 crore when compared with Rs 1,656 crore in 2017-18.
Loans under management (including loans sold) stood at Rs 9,041 crore as on March 31, 2019 as against Rs 8,336 crore a year ago, registering a growth of eight per cent. Its networth stood at Rs 1,252 crore as of March 31, 2019 as against Rs 1,148 crore a year ago.
“The asset quality of the company continues to be satisfactory,” the company said.
Gross NPAs stood at 2.95 per cent, as against 3.27 per cent in the previous, while net NPAs were down at 0.91 per cent from 1.25 per cent, the capital adequacy ratio was at a comfortable 23.8 per cent.
In 2018-19, the company mobilised fresh deposits of Rs 270 crore and ended the year with a deposit base of Rs 1,175 crore.
“With the increased push in the infrastructure sector and tax benefits in the affordable housing segment, I am cautiously optimistic about the prospects of the housing sector. We are targeting a growth of 10 per cent in disbursements this year,” Srinivas Acharya, Managing Director, said on the outlook for the current fiscal.
The company has inducted D Lakshminarayanan, from within the group, as Executive Director to further strengthen the management team.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.