Mortgage financier Indiabulls Housing Finance Company’s net profit up 11% 307 crore in the fourth quarter. The growth was primarily driven by lower credit costs and higher leverage from its co-lending business.
that was 276 crore in the year-ago quarter.
The company’s deputy managing director Ashwini Kumar Hooda said, “Profit has increased due to lower credit cost and higher profits from co-lending business and securitization.
Home loan financier said it is disbursed 2,962 crore in H2 FY22 by way of co-lending. It has also sought co-loan 15,000 crore in FY23 from seven existing partnerships. The company is on the path of disbursement 15,000 crore in FY23 and 20,000 crore in FY24, according to a release said.
Its loan book has declined by 10% 59,333 crore in the fourth quarter of FY22 from 66,047 crore in the year-ago period.
The company’s Gross Non-Performing Assets (GNPA) stood at 3.21% in Q4 FY22 as against 2.86% a year ago. Net NPAs stood at 1.89% as against 1.55%.
It has voluntarily created a reserve fund for the repayment of $350 million of its dollar bonds due on May 28, 2022.
Contrary to the initial plan of relocation 2,048 crore, approximately 75 percent of the total maturity proceeds of these bonds, to a debt repayment trust, with the company fully pre-funding its dollar bond obligations in the trust.
It has directed the repayment trustee and banks to utilize the proceeds of pre-funded fixed deposits to fully meet the repayment obligations, the release said.
The mortgage financier said it has made progress towards its plan to set up an alternative investment fund (AIF) platform to recommend disbursement of new wholesale loans.
It has received approval from the Securities and Exchange Board of India (SEBI) for one such AIF fund in partnership with a leading global alternative investment firm. The fund will be launched in H1 FY23.
A second AIF fund, in partnership with another global alternative investment firm, is in the process of getting approval from SEBI.
“We expect to receive approval by the end of May 22 and aim to start distribution through this fund from the second quarter of FY23,” the company said. SEBI in Q1 FY23.
closed on company shares 120.20 per cent, up 3.48 per cent on the BSE.