GIC Housing Finance Q1 net rises 14 pc to Rs 32 cr

GIC Housing Finance reported a 14.4 per cent rise in net profit at Rs 32.32 crore for the first quarter of this fiscal.
The company's net profit stood at Rs 28.25 crore in the same quarter of 2015-16.
Total income rose to Rs 234.87 crore in the April-June quarter, up from Rs 204.58 crore in the corresponding period of previous fiscal, it said in a regulatory filing.
Of this, income from operations stood at Rs 234.36 crore as against Rs 203.90 crore earlier. The rest Rs 51 lakh was investment income as of June 2016 as against Rs 68 lakh in the year ago period.

For April-June quarter, the company said it made provision for contingencies of Rs 6 crore compared to Rs 3.98 crore a year ago.
The company made provision of Rs 16.35 crore towards taxes as against Rs 14.20 crore in the year ago period.

The company provides loans for the purchase or construction of residential units and other activities revolve around the core business.
"Company has maintained 100 per cent asset cover on its secured listed non-convertible debentures as on June 2016," it added.
Shares of GIC Housing Finance closed 0.33 per cent up at Rs 329.70 on BSE.