Indiabulls fourth quarter net rises more than two-fold

Indiabulls Financial Services today posted net profit of Rs 236.16 crore for the quarter ended March 31, a rise of 150.27 per cent compared with the net profit of Rs 96.36 crore in the year-ago period.

“The main reason behind the growth is the stable growth in our asset book throughout the year. Our net interest margin during the year stood at around 4 per cent and going forward, we expect to maintain this at 3.5-4 per cent,” said Indiabulls Financial Services Ltd Chief Executive Officer, Gagan Banga.

Net interest income for the quarter stood at Rs 369 crore, a rise of 54.4 per cent, compared with Rs 239 crore a year ago.

For the year ended March 31, 2011, the company more than doubled its net profit to Rs 750.92 crore, compared with Rs 307.48 crore in the corresponding period a year ago. Indiabulls increased its loan book by 78.3 per cent to Rs 19,796 crore during the year and mortgage loan accounted for more than 71 per cent of the book.

In 2011-12, the company plans to increase its loan book by 30 per cent and raise debt of around Rs 6,000-7,000 crore, Banga said.