New Delhi: GIC Housing Finance Ltd on Friday reported an 11.4 per cent increase in standalone net profit at Rs 28.25 crore for the fiscal first quarter that ended on June 30, 2015.
The company, which provides loan for purchase or construction of residential units, had reported a net profit of Rs 25.36 crore for the corresponding period a year ago.
Its income rose to Rs 204.58 crore during the April-June quarter of the current fiscal year (FY16), from Rs 168.64 crore in the year-ago period, the company said in a filing on the BSE.
It had made provision for contingencies of Rs 3.98 crore for the June quarter, as against Rs 2.86 crore during the same quarter a year ago.
Also, an additional provision of Rs 23.24 crore was made towards contingencies after reclassification of standard asset portfolio.
"Pursuant to NHB clarification, the company has reclassified the standard assets portfolio under teaser/special rate," the company said.
"As a result, there is a net release of provision of Rs 23.24 crore, which the company continues to carry as provision for contingencies."
It also spent Rs 72 lakh towards CSR (corporate social responsibility) activities during the period under review.
Shares in GIC Housing Finance, on Friday, ended 0.77 per cent lower at Rs 232 apiece on the BSE.
New Delhi: GIC Housing Finance Ltd on Friday reported an 11.4 per cent increase in standalone net profit at Rs 28.25 crore for the fiscal first quarter that ended on June 30, 2015.
The company, which provides loan for purchase or construction of residential units, had reported a net profit of Rs 25.36 crore for the corresponding period a year ago.
Its income rose to Rs 204.58 crore during the April-June quarter of the current fiscal year (FY16), from Rs 168.64 crore in the year-ago period, the company said in a filing on the BSE.
It had made provision for contingencies of Rs 3.98 crore for the June quarter, as against Rs 2.86 crore during the same quarter a year ago.
Also, an additional provision of Rs 23.24 crore was made towards contingencies after reclassification of standard asset portfolio.
"Pursuant to NHB clarification, the company has reclassified the standard assets portfolio under teaser/special rate," the company said.
"As a result, there is a net release of provision of Rs 23.24 crore, which the company continues to carry as provision for contingencies."
It also spent Rs 72 lakh towards CSR (corporate social responsibility) activities during the period under review.
Shares in GIC Housing Finance, on Friday, ended 0.77 per cent lower at Rs 232 apiece on the BSE.
New Delhi: GIC Housing Finance Ltd on Friday reported an 11.4 per cent increase in standalone net profit at Rs 28.25 crore for the fiscal first quarter that ended on June 30, 2015.
The company, which provides loan for purchase or construction of residential units, had reported a net profit of Rs 25.36 crore for the corresponding period a year ago.
Its income rose to Rs 204.58 crore during the April-June quarter of the current fiscal year (FY16), from Rs 168.64 crore in the year-ago period, the company said in a filing on the BSE.
It had made provision for contingencies of Rs 3.98 crore for the June quarter, as against Rs 2.86 crore during the same quarter a year ago.
Also, an additional provision of Rs 23.24 crore was made towards contingencies after reclassification of standard asset portfolio.
"Pursuant to NHB clarification, the company has reclassified the standard assets portfolio under teaser/special rate," the company said.
"As a result, there is a net release of provision of Rs 23.24 crore, which the company continues to carry as provision for contingencies."
It also spent Rs 72 lakh towards CSR (corporate social responsibility) activities during the period under review.
Shares in GIC Housing Finance, on Friday, ended 0.77 per cent lower at Rs 232 apiece on the BSE.
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