Dewan Housing Finance Q1 net grows 18%

Housing finance company Dewan Housing Finance today said its net profit rose 18 per cent for the quarter ended June at Rs 173.28 crore driven by strong loan disbursements.
The company had reported a net profit of Rs 147.15 crore in the same period last year.
"Our focus is on the low middle income group, where we have seen a spurt in demand for home loans. Our disbursements rose 14 per cent while the growth in sanctions was around 32 per cent. This has helped in our profit," Chairman and Managing Director Kapil Wadhawan said.
He expects a 20 per cent growth in the profit this fiscal.

The company also saw margin improving to 2.96 per cent compared with 2.78 per cent last year.
As on June 30, the loan book outstanding grew 26 per cent to Rs 53,795.70 crore as against Rs 42,789.70 crore in the previous year.

Loan disbursements and sanctions stood at Rs 4,938.42 crore and Rs 7,857.98 crore, respectively, for the first quarter.
Total income was up 16 per cent at Rs 1,653.19 crore against Rs 1,425.92 crore in the corresponding quarter of the previous year.
Gross NPA came in at 0.80 per cent compared with 0.79 per cent a year ago.
Wadhawan said the company plans to raise Rs 20,000 crore through instruments such as non-convertible debentures and external commercial borrowings this fiscal.

DHFL shares were trading at Rs 485.15 on BSE, up 2.58 per cent.