DHFL Net Profit for Q1 FY 2010-11 up by 63.91%

As compared to the corresponding quarter previous year, DHFL Registers:

• 63.91 % increase in Net Profit 
• 64.62 % growth in Disbursements
• 39.76 % increase in Total Income

Dewan Housing Finance Corporation Limited (DHFL), India’s leading private sector housing finance company, today announced its results for the first quarter ended June 30th, 2010.

Financial Highlights for the quarter ended June 30th, 2010:

• DHFL net profit jumped by 63.91 % to Rs. 51.24 crore for the quarter ended June 30, 2010 as against Rs. 31.26 crore in the corresponding quarter previous year.
• The company registered a 55.75 % growth in profit before tax to Rs. 66.63 crore for the quarter ended June 30, 2010 as against Rs. 42.78 crore in the corresponding quarter previous year.
• The company recorded a robust growth of 64.62 % to Rs. 1274.05 crore in loan disbursements during the first quarter ended June 30, 2010 as against Rs. 773.94 crore in the corresponding quarter previous year.
• The company recorded a robust growth of 67.61 % to Rs. 1769.96 crore in loan sanctions during the first quarter ended June 30, 2010 as against Rs. 1056.01 crore in the corresponding quarter previous year.
• The Company registered a total Income of Rs. 298.90 crore for the quarter ended June 30, 2010 as against Rs. 213.87 crore in the corresponding quarter last year, registering a growth of 39.76%.
• Net NPA for the quarter ended June 30th, 2010 stood at 0.69%.

Key Business Highlight:

• DHFL raised Rs 486 crore through a combination of qualified institutional placement (QIP) and preferential allotment of equity shares in the first quarter of FY 2010-11.

Statement from Mr. Prashant Chaturvedi, General Manager- Finance & Resources, DHFL:

“DHFL has been consistent in its commitment towards the Lower and Middle Income (LMI) segment in the semi-urban and rural areas of India. The company has consistently grown its portfolio and profitability through its thorough understanding of its customer base and also through its strong credit appraisal skills that have evolved over the last 26 years of its operations. “

“The company has a robust growth plan in terms of improving its network through its own branches and alliances across the country and has set a target of achieving an asset base of Rs. 25, 000 crore in the next three years.”   

About DHFL
Dewan Housing Finance Corporation Limited (DHFL) was founded in 1984 by Late Shri Rajesh Kumar Wadhawan with a vision to provide financial access to the lower and middle income segment of the society. Today, DHFL is one of leading housing finance company in India with a network of 93 branches, 71 service locations and 30 camps catering to the semi-urban and rural belts of India. The company’s representative offices in Dubai and London provide housing finance to Non-Resident Indians (NRI) for purchase of residential properties in India.