Sundaram BNP Paribas HF clocks 4qtr net up 64.1%

: Sundaram BNP Paribas, the Home Finance subsidiary of city-based Sundaram Finance Ltd, has recorded a 64.1 per cent jump in its net profits for the quarter ending March 2019 at Rs 25.74 crore.

The city-based firm had registered net profits at Rs 15.68 crore in the corresponding quarter last year.

Net profits for the year ending March 31, 2019 marginally went upto Rs 145 crore compared to Rs 144 crore recorded in the same period of the last fiscal.

Home loan disbursements for the quarter ending March 2019 grew to Rs 480 crore from Rs 446 crore registered in the same period last year.

For the year ending March 31, 2019, home loan disbursements grew to Rs 1,681 crore from Rs 1,656 crore registered a year ago.

Gross NPA as on March 31, 2019 stood at 2.95 per cent, while net NPA was at 0.91 per cent.

On fund raising during FY2019-20 the company said it plans to raise over Rs 4,000 crore through a mix of instruments, including tapping into the debt market.

On the outlook for the year, company Managing Director Srinivas Acharya said, "with the increased push in the infrastructure sector and tax-benefits in the affordable housing segment, I am cautiously optimistic about the prospects of the housing sector".

"We are targeting a growth of 10 per cent in disbursements this year", he said.