Repco Home Finance’s net profit declines 50% in June quarter
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The company has carried provisions for expected credit losses to the tune of Rs 368.4 crore or 3.1% of total loan assets. Stage III coverage ratio stood at 42% at the end of June 2021 compared to 41% in the previous year.
Repco Home Finance has registered a 49.8% decline in its net profit at Rs 32.1 crore for the first quarter of FY22 as against Rs 64 crore in the corresponding quarter last fiscal.
Total income of the Chennai-based company stood lower at Rs 322.4 crore as against Rs 341.9 crore.
The company said said the bottom line took a beating mainly due to higher provision of Rs 78.3 crore. Net interest income stood at Rs 144.8 crore while loans sanctions were at Rs 201.2 crore, registering a growth of 25%.
The overall loan book was at Rs 11,985.5 crore at the end of June 2021.
Loans to the self-employed segment accounted for 51.5% of the outstanding loan book, and loans against property product accounted for 18.7% of the same, the company said.
The company has carried provisions for expected credit losses to the tune of Rs 368.4 crore or 3.1% of total loan assets. Stage III coverage ratio stood at 42% at the end of June 2021 compared to 41% in the previous year.
The total capital adequacy ratio stood provisionally at 31.2%, comprising tier-1 capital of 30.8% and tier-2 capital of 0.4%. Repco Home Finance, as of June 30, 2021, had a total network of 153 branches.
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