Sundaram BNP Paribas Q2 net up 26.8% at Rs 40.52 cr

Sundaram BNP Paribas Home Finance has registered a 26.8 per cent jump in its net profit for the second quarter ending September 30 at Rs 40.52 crore.
The Chennai-based company had registered net profit at Rs 31.95 crore during the same period of last fiscal, it said in a statement.
The company is a 50.1 per cent and 49.9 per cent joint venture between Chennai-based non-banking finance company Sundaram Finance and France-based BNP Paribas.
The income from operations for the July-September 2015 quarter marginally increased to Rs 242 crore as compared to Rs 238 crore registered in the year ago period.

The company's home loan disbursements during the quarter ending September 30 stood at Rs 450 crore as against Rs 537 crore.
"The real estate sector continues to be sluggish. The recovery has been delayed and still seems at least a few months away," MD, Sundaram BNP Paribas, Srinivas Acharya said.

"We are continuing to witness stiff resistance from buyers and the quantum of unsold stock remains a concern. Improvement in hiring sentiments, especially in the IT sector, could trigger a recovery in home buying space later this year," he said.
As on September 30, 2015 the loans under management stood at Rs 7,535 crore, it said.

Early in October, Sundaram BNP Paribas reduced its Prime Lending Rates for home loans by 25 basis points to 9.65 per cent.