Sundaram BNP Paribas Home Finance logs growth

City-based Sundaram BNP Paribas Home Finance ended last fiscal with 19 percent growth in net profit and 13 percent increase in home loan disbursement, the company said Tuesday.

In a statement, the company said its core business home finance disbursement touched Rs.1,740 crore last fiscal, up from Rs.1,543 crore disbursed in 2012-13.

On the other hand the non-housing loan disbursements (financing against mortgaged house properties) dropped by 27 percent to Rs.753 crore last fiscal from Rs.1,029 crore logged during 2012-13.

According to the company, the overall disbursement for the company came down by three percent to Rs.2,493 crore in 2013-14 from Rs.2,572 crore logged the previous fiscal.

"It has been quite a challenging year for us. The overall slowdown in the economy reflected in the lower demand in the real estate space. Despite this, our core home loans business grew by healthy 13 percent this year," Srinivas Acharya, managing director, was quoted as saying in the statement.

The economy, he said, is expected to witness some revival over the next two quarter and consequently the real estate sector should see an uptick in demand in second half of the current fiscal.