DHFL posts 18% growth in Q2 net profit at Rs 180 cr

The total income was up by 25% at Rs 1,811 cr

Dewan Housing Finance Ltd (DHFL) reported an 18.51 per cent increase in net profit for the quarter ended September 30 at Rs 180.36 crore compared with the same period a year ago. The total income was up by 25.09 per cent to Rs 1,811.63 crore.

"The retail trend seems to be extremely positive. Our view is we will see tremendous pick up in housing across the country," said Kapil Wadhawan, chairman and managing director of DHFL. The Net Interest Margin (NIM) stood at 2.89 per cent as on September 30 compared with 2.75 per cent a year ago. Earlier this month DHFL had cut its retail prime lending rate 20 basis points, besides cutting the rates for new customers.

"Cost of funds have come down to 9.9 per cent as of September 30. This was about 10.45 per cent a year ago," said Wadhawan. The loan book outstanding of the company grew 25.86 per cent to Rs 56,312 crore during the quarter ended September 30 while the gross Non Performing Assets stood at 0.81 per cent amounting to Rs 454.39 crore.