Indiabulls Housing Finance Ltd (IBHFL) posted a 22 per cent increase in consolidated second quarter net profit at Rs 369 crore as loan demand remained robust.
In the corresponding quarter of the previous year, the company had posted a profit of Rs 304 crore.
The company said it has seen good demand in Tier-I, Tier-II and Tier-III cities.
The Mumbai-based housing finance company lends to the middle income segment and the average loan size is Rs 24 lakh.
Total revenue was up 25 per cent in the quarter at Rs 1,474 crore.
On sequential basis, the housing finance company’s net profit grew six per cent from Rs 348 crore.
Year-on-year, the company’s loan book grew 23 per cent to Rs 38,140 crore. Over the preceding quarter, the loan book grew a mere 3.5 per cent.
Outlook
“Loan demand in the second half of the year is generally better than in the first half. We expect this trend to continue,” said Gagan Banga, MD and CEO, IBHFL.
He said that the company would continue to sustain the 20-25 per cent growth in the near term. The company’s board has recommended an interim dividend of Rs 7 per share of face value Rs 2.
Shares of the company ended down 1.01 per cent at Rs 191.60 on the BSE.