Indiabulls Housing Finance’s Q1 Profit Jumps As Provisioning Falls
Indiabulls Housing Finance reports a 25.1 percent jump in net profit.
Mortgage lender Indiabulls Housing Finance Ltd.’s quarterly profit rose as provisioning for bad loans fell.
Consolidated net profit grew 25.1 percent to Rs 788.2 crore in the quarter ended June, it said in an exchange filing. That’s lower than the Bloomberg consensus estimate of Rs 804 crore.
The home loan provider’s provisioning for bad debt fell 19.9 percent to Rs 191 crore over the previous three months.
Indiabulls Housing reported a 33 percent jump in its total loans year-on-year. Gross non-performing assets fell marginally to 0.8 percent over the previous quarter.
Ashwini Kumar Hooda, deputy managing director of the home loan provider, told BloombergQuint over the phone that affordable housing was driving its loan growth.
In the face of traction and momentum in affordable housing space, we should grow at 30 percent.Ashwini Kumar Hooda, Deputy Managing Director, Indiabulls Housing Finance
The company’s gross non-performing assets remain below 1 percent as it aims to improve asset quality, largely on the back of increased home loan share.
The present share of home loans is 57 percent and the company aims to increase it to 66 percent by 2020, said Kumar.
