National Housing Bank FY14 net rises 8% to Rs 487 crore

National Housing Bank (NHB) today said its net profit in 2013-14 increased by 8% to Rs 487 crore.

"Net profit increased from Rs 450 crore in FY 2012-13 to Rs 487 crore in FY 2013-14. Net Interest Margin (NIM) continues to be healthy at 2.27%," it said in a release.

NHB follows July-June financial year.

The total income of NHB increased by 16.4% year-on-year to Rs 3,518 crore from Rs 3,024 crore, it said.

Total interest income increased from Rs 3,007 crore in FY 2012-13 to Rs 3,502 crore in 2013-14.

The disbursements of the bank increased by 1% from Rs 17,635 crore in FY 2012-13 to Rs 17,890 crore in FY 2013-14.

"Net Non-Performing Assets (NPAs) are at Rs 111.22 crore, which is 0.28% of the total advances as at the end of June 2014," it said.

NHB is the apex regulatory and refinancing institution for housing finance companies.