 "DHFL")
Dewan Housing Finance Limited (DHFL) hit a fresh record high of Rs 317, up 3% on BSE, extending its Monday’s 2% gain, after the company reported bettter-than-expected 29% year on year growth in net profit at Rs 233 crore for the second quarter ended September 30, 2016 (Q2FY17). Analysts on an average had expected profit of Rs 209 crore for the quarter.
The company provides loans for purchase or construction of residential houses had profit of Rs 180 crore in the same quarter year ago.
Net interest income grew 21% at Rs 492 crore during the quarter under review against Rs 407 crore in the corresponding quarter of previous fiscal.
Asset quality of DHFL remains strong at gross non-performing assets (NPA) of 0.96% with provision coverage ratio of 100%. It reported healthy asset under management (AUM) growth of 20% yoy led by higher growth in non retail segment.
“DHFL reported yet another quarter of strong performance on all fronts led by consistent improvement in net interest margins (NIMs) and healthy earnings growth. NIMs surprised positively as it improved by 14 basis points quarter on quarter,” analyst at IndiaNivesh Securities said in a result update.
The company has declared an interim dividend for the 2016-17, at Re 1 per share or 10% on the equity shares of Rs 10 each.
At 11:28 am, the stock was up 2.7% at Rs 316 on BSE, as compared to 0.87% rise in the S&P BSE Sensex. A combined 3.21 million shares changed hands on the counter on the BSE and NSE.
The company provides loans for purchase or construction of residential houses had profit of Rs 180 crore in the same quarter year ago.
Net interest income grew 21% at Rs 492 crore during the quarter under review against Rs 407 crore in the corresponding quarter of previous fiscal.
Asset quality of DHFL remains strong at gross non-performing assets (NPA) of 0.96% with provision coverage ratio of 100%. It reported healthy asset under management (AUM) growth of 20% yoy led by higher growth in non retail segment.
“DHFL reported yet another quarter of strong performance on all fronts led by consistent improvement in net interest margins (NIMs) and healthy earnings growth. NIMs surprised positively as it improved by 14 basis points quarter on quarter,” analyst at IndiaNivesh Securities said in a result update.
The company has declared an interim dividend for the 2016-17, at Re 1 per share or 10% on the equity shares of Rs 10 each.
At 11:28 am, the stock was up 2.7% at Rs 316 on BSE, as compared to 0.87% rise in the S&P BSE Sensex. A combined 3.21 million shares changed hands on the counter on the BSE and NSE.
