Housing finance company CanFin Homes announced its fiscal first quarter earnings with profit at Rs 183.45 crore, up 13.1 per cent in comparison to Rs 162.21 crore during the first quarter of FY23. The results showcased a robust performance with disbursements during the quarter up by 14 per cent on-year to Rs 1,966 crore and loan book registering more than 18 per cent on-year increase to Rs 32,505 crore, with a clientele base of 2.46 lakh. CanFin Homes posted income earned from interest at Rs 818.09 crore, up 34.9 per cent in comparison to Rs 606.50 crore during the first quarter of last year.
Its net interest income (NII) jumped 13.9 per cent, to reach Rs 285.1 crore against Rs 250.4 crore in the corresponding quarter of FY23. The company posted total income from operations at Rs 824.09 crore, up 34.7 per cent from Rs 611.58 crore during Q1FY23. However, total expenditure during the first quarter of FY24 was at Rs 590.20 crore, up 50.2 per cent as against Rs 392.89 crore during the same period last year.
The gross non-performing asset (GNPA) stood at 0.63 per cent during the quarter in review. Net NPA came at 0.34 per cent. CanFin Homes’ provision coverage ratio was at 46.57 per cent in the first quarter of FY24 against 52.3 per cent in Q1FY23.
The Board also declared the final dividend of Rs 2 per equity share of face value of Rs 2 each for the financial year ended March 31, 2023. The company also announced appointments and reappointments on the board. It said Satyanarayana Raju Kalidindi has been appointed as non-executive director on the Board of Company, Debashish Mukherjee has been reappointed by the members, Shubhalakshmi Aamod Panse has been re-appointed as non-executive and independent director on the Board, Murali Ramaswami has been appointed as non-executive and independent director, and Ajay Kumar Singh has been appointed as the whole–time director designated as deputy managing director.
CanFin Homes caters to its customers through its presence across 205 branch offices