Repco Home Finance Q3 net profit jumps 31% to Rs 56 crore

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Published: February 14, 2019 2:32:49 AM

Loans to the self-employed segment accounted for 55.1% of the outstanding loan book and loans against property product accounted for 18.4% of the same.

home loan, home loan myths, myths and misconceptions about home loans, housing loan, real estate, home loan interest, repo rateLoans to the self-employed segment accounted for 55.1% of the outstanding loan book and loans against property product accounted for 18.4% of the same.

Repco Home Finance on Wednesday reported a 31% increase in its net profit at `55.64 crore for the third quarter compared to Rs 42.42 crore in the corresponding quarter last fiscal. The Chennai-based housing finance company has earned a total income of Rs 303.92 crore against Rs 274.56 crore.

The net interest income of the company grew 8% in Q3 to Rs 115.2 crore while net interest margins and interest spread stood at 4.4% and 3%, respectively. The loans sanctions surged to Rs 805.2 crore and return on assets and equity remained robust at 2.1% and 15.4%, respectively.

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While the overall loan book rose 12.4% to Rs 10,666.8 crore at the end of December 2018, individual home loan book grew 13.2%. Loans to the self-employed segment accounted for 55.1% of the outstanding loan book and loans against property product accounted for 18.4% of the same.

Yashpal Gupta, MD & CEO of Repco Home Finance, said: “The financial results when seen in the context of pervasive macroeconomic instability meet our expectations. The liquidity crisis, which was at its zenith between October and December 2018, could not deter the company from reporting double-digit growth in disbursements and loan book, and maintaining healthy profitability ratios. Going forward, the slew of strategic initiatives the company has taken will drive its growth ambitions and profitability forward. Return of normalcy on the liquidity front would be a big positive.”

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