Indiabulls Housing Finance Q2 net up 24% at Rs 852 cr

Its Board has declared an interim dividend of Rs 9 per equity share for FY18

Mortgage player Indiabulls Housing Finance today reported 24.18 per cent increase in consolidated net profit to Rs 851.95 crore for the second quarter ended September 30, 2017-18.

The company had reported a net profit of Rs 686.06 crore in the July-September quarter of the 2016-17 fiscal.

Its total revenue for the quarter under review rose to Rs 3,342.48 crore, up 16.26 per cent, from Rs 2,874.94 crore in the year-ago period, the company said in a BSE filing.

In a separate filing, it said its Board has declared an interim dividend of Rs 9 per equity share for the financial year 2017-18.

Indiabulls Housing Finance vice chairman and managing director Gagan Banga said the company expects loan growth of nearly 32-33 per cent in 2017-18.

He said the reduction in Non-Performing Assets (NPAs) or bad loans is driven by stable credit quality and better collections.

The company said its Gross NPAs dropped to lowest level in over 20 quarters to 0.78 per cent as compared to 0.83 per cent in the second quarter of the last fiscal.

Net NPAs stood at 0.31 per cent, down from 0.34 per cent as of September end of 2016-17.

Banga also informed the company plans to raise Rs 15,000 -16,000 crore through debt market in the rest of the fiscal.

The company's scrip settled 1.43 per cent lower at Rs 1,342.90 on BSE.