Gruh Q1 net profit rises by 29%

Loan disbursements up by 37%.

Gruh Finance Ltd, a subsidiary of HDFC Ltd has registered a net profit of Rs 20.55 crore for the first quarter of the current fiscal. Company's profit after tax jumped by 29 per cent from Rs 15.95 crore registered in the previous year. The company board approved the quarterly financial results at its meeting held in Ahmedabad on July 14, 2011.

In a statement issued on Thursday, the company informed that its loan portfolio as on June 30, 2011 stood at Rs 3,362.50 crores as against Rs 2,565.77 crores in the previous year, up by 31 per cent.

Meanwhile loan disbursements too witnessed a sharp increase during the quarter by 37 per cent at Rs 321.56 crores as against Rs 234.58 crores in the corresponding period previous year. The cumulative loan disbursements as on June 30 were Rs 6,177.43 crores.

The gross non-performing assets (NPA) stood at Rs 37.74 crores as on June 30, 2011, which is 1.12 per cent of the total outstanding loan portfolio of Rs 3,362.50 crores.