Indiabulls Hsg Finance posts 24% growth in Q2 net to Rs 555 cr

Firm's total revenues up 32.7% during July-Sept quarter at Rs 2,246 crore

Indiabulls Housing Finance reported a 23.9 per cent year-on-year growth in consolidated net profit for the quarter ended September 30 at Rs 555.5 crore.

Total revenues were up 32.7 per cent during the same quarter at Rs 2,245.7 crore.

“The overall book has grown by almost 30 per cent due to which income has risen from there. The biggest driver for growth in net interest income (NII) was due to falling cost of funds. There has been a change in our borrowing profile. In the past one year, we replaced bank term loans with bonds,” said Gagan Banga, vice-chairman and managing director of the company.

The company’s NII grew 34.6 per cent to Rs 884.6 crore during the quarter under review. The gross non-performing asset (NPA) ratio stood at 0.84 per cent, compared with 0.85 per cent a year ago. However, net NPA ratio was at 0.35 per cent, compared to 0.34 per cent a year ago.