Indiabulls Housing Finance Q2 profit down 11.4%
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Indiabulls Housing Finance registered an 11.4 per cent drop in its consolidated net profit for the second quarter of the fiscal at ₹286.34 crore compared to ₹323.2 crore a year ago.
Total revenue from operations fell 13.5 per cent to ₹2,232.79 crore for the quarter ended September 30 against ₹2,581 crore in the same period last fiscal.
Retail loan disbursal grows
Its loan book was at ₹64,062 crore, down 2.1 per cent from ₹65,438 crore as on June 30.
“With co-lending partnerships in place, retail disbursal growth has gained momentum in FY22.
The company disbursed retail loans of ₹325 crore through co-lending in the month of September. This will scale up to ₹500 crore by December 2021 and ₹800 crore by March 2022, Indiabulls Housing Finance said in a statement on Thursday.
It is on track to disburse ₹1,000 crore of retail loans through co-lending in the third quarter of the fiscal, it added.
Gross NPAs were at 2.69 per cent as on September 30 versus 2.86 per cent as on June 30 and 2.21 per cent as on September 30, 2020.
Net NPAs were at 1.53 per cent as on September 30 compared to 1.63 per cent a year ago.
Shoring up provisions
“The balance sheet has been strengthened by shoring up provisions to ₹3,153 crore, 4x times the regulatory requirement and equivalent to a healthy 4.9 per cent of our loan book and 152 per cent of gross NPAs,” the statement said.
The company restructured loans of ₹96.7 crore, equivalent to 0.15 per cent of its loan book, under the restructuring frameworks 1.0 and 2.0 combined.
Collection efficiency has now normalised to pre-Covid levels.
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