Indiabulls Housing Finance Q1 Net rises 23% to Rs 630 crore

Mortgage lender Indiabulls Housing Finance today reported a 23 per cent growth in its net profit at Rs 630 crore in the quarter ended June, helped by healthy loan growth.
The company had reported Rs 511 crore profit after tax in the same quarter last year.
"The profit was driven by a 31 per cent loan growth, of which home loan grew by 38 per cent," company's deputy managing director Ashwini Hooda told PTI.
Loans grew to Rs 71,000 crore as of June 30 from Rs 54,000 crore last year.
Hooda said the company will be increasing its share of home loans to 57 per cent in its entire loan portfolio by end of this fiscal from 53 per cent at present.

"Due to reduction of cost of funds, we will like to increase our composition of home loans rather than increasing spreads," he said.

Net interest income of the company was up 28 per cent Rs 1,053 crore from Rs 821 crore.
The company sold Rs 1,114 crore of loans in the first quarter, against Rs 522 crore in the year-ago period.
The sold down portfolio at the end of June 30 stood at Rs 8,246 crore.
The asset quality remained stable with gross non- performing loans at 0.84 per cent and net NPA at 0.36 per cent.
The company has raised Rs 4,000 crore in the first quarter through non convertible debentures and it plans to raise Rs 18,000 crore via bonds in the rest of this fiscal.

The company will be raising USD 250 million (around Rs 1663 crore) through external commercial borrowing next week, Hooda said.