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SBI Home Finance posts Rs 5.28cr loss in Q2
Dheer Kothari
Calcutta, Nov 16: SBI Home Finance Ltd (SBIHF) on Tuesday reported a net loss of Rs 5.28 crore for the quarter to September 30, 1999, against a loss of Rs 10.08 crore in the corresponding quarter of 1998. Income from operations increased during the second quarter to Rs 14.98 crore from Rs 13.66 crore in the three months to June 30, 1999. However, the income was lower when compared to the Rs 15.11 crore reported in second quarter of the previous year.The net loss for the latest second quarter is also higher when compared with the Rs 4.83 crore loss for the corresponding period of the previous year. This was on account of higher interest burden of Rs 18.81 crore against Rs 15.75 crore in the first quarter of the current year. According to chairman Jahar Sengupta, the loss for the full year to March 31, 2000, will be substantially lower than Rs 45.29 crore suffered in 1998-99. The company has made progress in recovery of non-performing assets and has been able to retire Rs 80.37 crore of high-cost public deposits between April 1, 1999 and October 31, 1999. Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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