Indiabulls Housing Finance Limited FY14 Net Profit up by 24% to Rs. 1,568.5 crore
Indiabulls Housing Finance Limited FY14 Net Profit up by 24% to Rs. 1,568.5 crore Indiabulls Housing Finance Limited Q4 FY14 Net Profit up by 23% to Rs. 451.5 crore Highlights FY 2014
- PAT up 23.9% to Rs. 1,568.5 crore
- NII up 22.39% at Rs. 2,607.47 crore
- Balance Sheet size up 13.5% at Rs. 44,418.4 crore
- Gross NPA at 0.83% of total advances & Net NPA at 0.36%
- Provision cover of 147.07%.
- Spreads were stable at 350 bps on book basis and 300 bps on incremental basis.
Highlights Q4 FY 2014
- PAT up 22.83% at Rs. 451.51 crore
- NII up 12.09% at Rs. 704.83 crore
Mumbai, 23nd April' 2014 The Board of Directors of Indiabulls Housing Finance Ltd (IBHFL), India's third largest housing finance company, announced its unaudited results for the financial year ended March 31st' 2014.
Dividend of Rs 9/- per share has been declared. With this, the total dividend (including interim dividends of Rs. 20/- per share already paid) will be Rs. 29/- per share for FY13-14.
Other income of Rs. 246 crore is not comparable to earlier quarters as the company choose to
invest its entire liquidity buffer of over Rs. 7000 crore in capital gain instruments instead of earlier practice of investing in Dividend Schemes of Mutual Funds which formed a part of income from operations.
Performance Highlights for the financial year ended March 31, 2014 are:
- Net Profit for the financial year period was Rs. 1,568.54 crore as against Rs. 1265.99 crore in the corresponding quarter of the previous year, showing a growth of 23.90%
- Net Interest Income (NII) was Rs. 2,607.47 crore as against Rs. 2,130.42 crore in the corresponding period of the previous year, showing a growth of 22.39%
- Balance Sheet size is at Rs. 44,418.41 crore as against Rs. 39,128.82 crore in the corresponding quarter of the previous year, showing a growth of 13.5%
- Gross Non-Performing Asset is at 0.83 % of total advances & Net NPA is at 0.36 %. NPA's
continue to remain within the target range despite a challenging economic environment.
- Total provision pool is Rs. 502.53 crore against gross NPAs of Rs. 341.69 crore, which is a provision cover of 147.07%.
- Total no of branches increased to 205 branches as of March 31st, 2014 out of which 147 branches of are in Tier II and Tier III cities, underlining IBHFL's presence in semi-urban locations.
Performance Highlights for the Quarter ended March 31, 2014 are:
- Spreads for the Quarter were stable at 350 bps on book basis and 300 bps on incremental basis.
- Net Profit for the quarter was Rs. 451.51 crore as against Rs. 367.51 crore in the corresponding quarter of the previous year, showing a growth of 22.83%
- Net Interest Income (NII) was Rs. 704.83 crore as against Rs. 628.82 crore in the corresponding quarter of the previous year, showing a growth of 12.09%
IBHFL continues to see strong demand from retail housing loans in Tier I, II & III cities, which contributed to the strong business traction seen in this financial year. IBHFL continues to offer competitive interest rates & focus on home loans of less than Rs. 25 lakhs, which is the largest business segment for the company.
"This has been a robust year for us where our profits have grown by 24%. We have managed to maintain consistent performance quarter on quarter in this tough economic environment because of our single product focused approach in the sub 25 lac home loan segment. Moreover the demand in this segment continues to remain strong as the large numbers of customers in this segment are salaried individuals buying their first home which is more of a need than an investment. We anticipate the economic environment to improve and expect IBHFL to grow at the rate of 25 to 30 % in FY14 -15" stated Mr. Gagan Banga, MD & CEO, Indiabulls Housing Finance Ltd.
IBHFL's capital adequacy ratio stood at 19.11% of the risk weighted assets, as against the minimum requirement of 12%. Tier 1 capital was 15.04% against a minimum requirement of 6% as of 31st March 2014.
About Indiabulls Housing Finance
Indiabulls Housing Finance Ltd (IBHFL) is India's 3rd largest Housing Finance Company with a balance sheet size of Rs. 44,418.4 crore. It has a network of 205 branches, and a sales team of about 2000 dedicated and trained employees. It provides quick, convenient and competitively priced home loans to both salaried and self-employed customers. IBHFL is rated AA+