Mortgage lender HDFC Ltd's subsidiary Gruh Finance today reported a jump of 20 per cent in its net profit at Rs 72 crore for the first quarter through June.
Mortgage lender HDFC Ltd’s subsidiary Gruh Finance today reported a jump of 20 per cent in its net profit at Rs 72 crore for the first quarter through June. Net profit stood at Rs 60 crore in April-June of 2016-17. Total income from operations grew to Rs 398.12 crore for the reported quarter, from Rs 346.34 crore a year ago. “The focus continues to remain on retail home loans, which constitute Rs 922 crore (77 per cent of the total disbursement) during the quarter and has grown at 39 per cent over the corresponding figure of the previous year,” Gruh said in a statement.
Gross non-performing assets (NPAs) as of June 30 stood at Rs 87.25 crore, or 0.64 per cent of the total outstanding. Deposits increased to Rs 1,485 crore at the end of June 2017, from Rs 1,395 crore a year ago. Present across 11 states, Gruh has a total of 186 retail offices across India. The Gruh Finance stock traded down 3.11 per cent at Rs 486.95 on the BSE.