Gruh Finance clocks Rs 69 cr net in FY10

Gruh Finance, a subsidiary of HDFC, has clocked a net profit after tax of Rs 68.96 crore in the 2009-10 fiscal, while its total income rose to Rs 308.19 crore for the period. 

In FY'09, the company had earned a profit after tax (PAT) of Rs 50.28 crore and its total income had stood at Rs 294.13 crore. 

"We have had a satisfying year (FY10)-- our sanctions grew 28 per cent to Rs 957 crore from Rs 745 crore, while disbursals were up 19 per cent at Rs 780 crore from Rs 655 crore," Gruh Finance's managing director Sudhim Choksey told PTI here today.

The company's net interest margin improved significantly at 4.50 per cent as against 3.84 per cent in the last fiscal.
    
It has also scored favourably on the net interest income front, rising by 35 per cent. "Our net interest income increased from Rs 85.34 crore to Rs 115.36 crore, up 35 per cent," Choksey said.
    
Its gross non performing assets (NPAs) rose marginally to 1.11 per cent from 0.94 per cent in the last fiscal.
    
"Our gross NPAs stand at Rs 27 crore and we have made full provisioning for this," the Gruh Finance chief said.
    
The company is aiming for a 20 per cent growth in its disbursals this fiscal, he said.