Dewan Housing Finance Corporation Ltd’s third quarter net profit rose 16 per cent helped by higher demand for home loans from smaller cities and towns.

In the quarter ended December 31, 2014, the Mumbai-based housing finance company posted a net profit of Rs 160 crore against Rs 138 crore, a year ago.

Kapil Wadhawan, Chairman and Managing Director, DHFL, said in a statement: “The improving economic scenario and the Indian Government's emphasis on affordable housing have created an encouraging demand for home loans.

“Our concerted focus on reaching out to customers in the low and middle-income segment in tier 3, 4 and 5 locations has helped us in maintaining a healthy loan portfolio and a steady net profit growth during the third quarter of the 2014-15 financial year.”

The company said that its loan book grew to Rs 47,776 crore, representing a growth rate of Rs 26 per cent over the year-ago period.

Appointments

The company said that it has appointed Harshil Mehta as the Chief Operating Officer. Mehta was the MD of Aadhar HFC, the low-cost housing finance arm of DHFL.

Aadhar HFC has appointed Deo Tripathi as its Chief Executive Officer. Aadhar HFC is a partnership between Wadhawan Global Capital, IFC and DHFL.

Shares of DHFL closed 2.41 per cent up at Rs 487.45 per share on the BSE.

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