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Indiabulls Housing Finance Ltd. Q2FY15 Results

Mumbai, 27th October’ 2014The Board of Directors of Indiabulls Housing Finance Ltd (IBHFL), India’s third largest housing finance company, announced its unaudited results for the quarter ended September 30th September 2014.

  • Indiabulls Housing Finance Limited Q2 FY 14-15 Net Profit up by 21% to Rs. 448.3 crore
  • Indiabulls Housing Finance Limited H1 FY 14-15 Net Profit up by 20.8% to Rs. 872.1 crore
  • Dividend of Rs 9/- per share has been paid during the quarter. With this, a total dividend of Rs. 17/- per share has been paid during H1 FY 2015.

Key Financials:

Particulars(In Rs. Cr. except EPS) Q2 FY 14 Q2 FY 15 YOY Growth (%) H1 FY 14 H1 FY 15 YOY Growth (%)
 Total Revenues 1,474.2 1,705.8 15.7% 2,818.1 3,308.5 17.4%
 NII 644.9 737.4 14.3% 1,243.6 1,438.6 15.7%
 PAT 370.4 448.3 21% 721.9 872.1 20.8%
 EPS (Rs.) 11.33 13.22 22.49 25.90

Key Ratios:

Particulars (in %) Q2 FY14 Q2 FY15
Gross NPA 0.85% 0.85%
Net NPA 0.44% 0.34%

Performance Highlights for the Quarter ended September 30, 2014 are:

  • Net Profit for the quarter was Rs. 448.3 crore as against Rs. 370.4 crore in the corresponding quarter of the previous year, showing a growth of 21.0%
  • Total Loan Asset Book of Rs. 45,026.8 crore as against Rs. 38,139.9 crore in the corresponding period of the previous year, showing a growth of 18.1%
  • Balance Sheet size is at Rs. 49,536 crore as against Rs. 42,975 crore in the corresponding period of the previous year
  • Net Interest Income (NII) was Rs. 737.4 crore as against Rs. 644.9 crore in the corresponding quarter of the previous year, showing a growth of 14.3%
  • Gross Non-Performing Asset is at 0.85% of total advances and Net NPA is at 0.34%. NPA’s continue to remain within the target range
  • Total provision pool is Rs. 586.0 crore against gross NPAs of Rs. 381.7 crore, which is a provision cover of 153.5%
  • Spreads for the Quarter were at 340 bps on book basis and 310 bps on incremental basis
  • Increase in the Branch network from 205 branches the previous year to 214 branches as on September 30th, 2014

Performance Highlights for the half year ended September 30, 2014 are:

  • Net Profit for the financial year period was Rs. 872.1 crore as against Rs. 721.9 crore in the corresponding period of the previous year, showing a growth of  20.80%
  • Net Interest Income (NII) was Rs. 1,438.6 crore as against Rs. 1,243.6 crore in the corresponding period of the previous year, showing a growth of 15.7%

During the quarter, both CARE Ratings and Brickwork Ratings upgraded Indiabulls Housing Finance Ltd. (IBHFL) to AAA rating. In upgrading the rating the agencies cited: strong financial and business performance, comfortable capitalization, good asset quality, comfortable liquidity profile, experienced management, strengthened corporate governance and positive outlook of Indian Housing Finance business.

The board of IBHFL was further strengthened with the induction of eminent people from diverse professional backgrounds. The following have joined Indiabulls Housing Finance Limited’s board:

–          Dr. K.C. Chakrabarty, former Deputy Governor  of  the Reserve Bank of India (RBI)

–          Justice Surinder Singh Nijjar, retired Justice, Supreme Court of India

–          Justice Bisheshwar Prasad Singh, retired Justice, Supreme Court of India

–          Mrs. Manjari Kacker, former member of CBDT (Central Board of Direct Taxes)

–          Brig. Labh Singh Sitara, honoured with Dhyan Chand Award by The President of India

Mr. Gagan Banga, Vice Chairman and MD, IBHFL commented that, “The first half of the year has been very positive for Indiabulls Housing Finance Ltd. Our single products focus; especially home loans to the salaried segment, continues to pay off. We have stuck to our guidance given on financial and operational parameters and remain well capitalized. We have been upgraded to the highest long-term credit rating of AAA and all the four credit rating agencies that we had long-term ratings from, upgraded us by a notch. With the economy turning around, we expect to see an improved demand in our prime market of sub 25 lakh home loans.”

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