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Robust growth in home loans helped Indiabulls Housing Finance (IHFL) report a 26 per cent increase in second quarter consolidated net profit at ₹861 crore against ₹684 crore in the year-ago period.
The company’s board of directors declared an interim dividend of ₹9 per equity share (on the face value of ₹2 per share) for the financial year 2017-18.
In the reporting quarter, net interest income was up 27 per cent year-on-year (y-o-y) at ₹1,389 crore (₹1,093 crore in the year-ago period).
Total loan disbursements in the reporting quarter jumped 42 per cent to ₹9,504 crore, IHFL said in a statement.
To double loan book Ashwini Kumar Hooda, Deputy Managing Director, said: “We have grown our loan book from ₹75,000 crore to ₹1 lakh crore. This has helped our NII and profit growth….Affordable housing continues to do well.”
Hooda said that IHFL has set a target to double the loan book to ₹2 lakh crore (with 8 per cent market share) by 2020. Currently, the company has a 6 per cent market share in the housing finance segment, he added.
Gross non-performing assets in the reporting quarter improved to 0.78 per cent (the lowest in the last 20 quarters) of gross advances from 0.83 per cent in the year-ago quarter.
The company’s shares closed at ₹1,342.90 apiece, down 1.43 per cent over the previous close on the BSE.
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