GIC Housing Finance Q1 net up 11% at Rs 28 cr

GIC Housing Finance Ltd today reported 11.4 per cent rise in standalone net profit at Rs 28.25 crore for the first quarter ended June 30, 2015.

The company, which provides loan for purchase or construction of residential units, had reported a net profit of Rs 25.36 crore during the same quarter of previous fiscal.

Its income rose to Rs 204.58 crore during the April-June quarter of the current fiscal 2015-16, from Rs 168.64 crore in the year-ago period, the company said in a filing on the BSE.

It had made provision for contingencies of Rs 3.98 crore for the June quarter, as against Rs 2.86 crore during the same quarter a year ago.

Also, an additional Rs 23.24 crore provision was made towards contingencies after reclassification of standard asset portfolio.

GIC Housing Finance said: "Pursuant to NHB clarification, the company has reclassified the standard assets portfolio under teaser/special rate.

"As a result, there is a net release of provision of Rs 23.24 crore, which the company continues to carry as provision for contingencies."

It also spent Rs 72 lakh towards CSR activities during the period under review, however, no such spending entailed in the year ago period.

The company scrip closed at Rs 232, down 0.77 per cent, on the BSE.