Indiabulls Housing Finance net up 21% in first quarter

Our Bureau Updated - December 07, 2021 at 02:22 AM.

Indiabulls Housing Finance posted a 21 per cent rise in net profit at ₹511 crore in the April-June quarter, thanks to higher loan disbursement. Net profit stood at ₹424 crore in the same period last year.

“We saw strong loan disbursement in the quarter. We had disbursed ₹4,550 crore as against ₹3,655 crore last year,” said Ashwini Hooda, Deputy Managing Director of the company.

Net interest income (NII) grew 26 per cent to ₹821.5 crore as against ₹652 crore in the year-ago period.

The asset quality remained stable with gross NPAs (non-performing assets) at 0.85 per cent and net NPA at 0.36 per cent in the quarter.

“Our loan growth was at 28 per cent and for the whole year we expect the growth to be above 25 per cent and profitability at over 20 per cent,” Hooda said.

He added that the premium housing segment has seen a slowdown with the biggest hurdle being interest rates.

Prices in metros, such as Mumbai and Delhi/NCR will see a correction of 10-15 per cent…people are postponing their decisions to buy and it will take another 12-18 months for the premium segment to pick up.

The company raised ₹4,000 crore through non-convertible debentures in the first quarter.

“We are planning to raise around ₹8,000 crore more through bonds, which are cheaper than bank borrowing, in the rest of the fiscal,” Hooda told PTI.

It has also sought regulatory approval to raise $500 million through external commercial borrowings. “We are expecting to raise $300 million through ECB. We may raise it in the next 2-4 weeks,” Hooda said.

Published on July 21, 2015 13:24