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  1. Dewan Housing Finance profit grows 29 pct; Chairman Kapil Wadhawan says Narendra Modi government policies helping boost growth

Dewan Housing Finance profit grows 29 pct; Chairman Kapil Wadhawan says Narendra Modi government policies helping boost growth

Dewan Housing Finance (DHFL) on Friday reported a 29% rise in its net profit to Rs 260 crore for the three-months ended June 2017, compared with Rs 201 crore during the same quarter last year because of a 23% rise in revenue to Rs 2,406.58 crore.

By: | Mumbai/new Delhi | Published: July 22, 2017 4:04 AM
Dewan Housing Finance (DHFL) on Friday reported a 29% rise in its net profit to Rs 260 crore for the three-months ended June 2017, compared with Rs 201 crore during the same quarter last year because of a 23% rise in revenue to Rs 2,406.58 crore.

Dewan Housing Finance (DHFL) on Friday reported a 29% rise in its net profit to Rs 260 crore for the three-months ended June 2017, compared with Rs 201 crore during the same quarter last year because of a 23% rise in revenue to Rs 2,406.58 crore. The mortgage lender’s revenues stood at Rs 1,956 crore in the same quarter last year. Loan disbursements and sanctions stood at Rs 8,237 crore and Rs 10,863 crore, respectively, for the quarter ended June, an increase of 33% and 23%, respectively, over the corresponding period of the previous year. The company’s gross NPA was Rs 737 crore. In the quarter ended June, the lender’s loan book outstanding grew 20% to Rs 76,225 crore as against Rs 63,647 crore in the corresponding quarter of the previous year. The company’s assets under management grew 23% year-on-year to Rs 88,236 crore as of June end. The average loan ticket size at the portfolio level stood at Rs 14.3 lakh. Kapil Wadhawan, chairman of DHFL, said with the introduction of new policies by the government, the housing finance sector is poised for a significant growth. “The government’s reforms momentum continued this quarter as we witnessed some major initiatives with the introduction of a new regime in the form of RERA, and reduction of LTV ratios,” Wadhawan said. Given the circumstances, Wadhawan underlined that DHFL has registered a steady growth in assets under management reflecting “the success of growth strategy, business model and our commitment to the larger goal of facilitating home ownership across India, all of which encourage us to maintain the momentum to achieve our targets for 2017-18”. DHFL also secured an approval from its board to raise up to Rs 8,500 crore through non-convertible debentures.

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