Indiabulls Housing Finance net slips 32%

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Published: November 7, 2019 3:23:22 AM

For the quarter ended September, the firm posted a 23% y-o-y decline in net interest income (NII) — the difference between interest earned and interest expended — to Rs 1,252 crore. Its total income stood at Rs 3,420.45 crore, having witnessed a 19.62% y-o-y decline.

Indiabulls Housing Finance, Indiabulls Housing Finance net, QIP, NCD, GNPA ratio, IBHFLRecently, the company had informed the exchanges that its board considered the option of buyback of shares through the exchanges and sought to consult Sebi regarding the matter.

Indiabulls Housing Finance (IBHFL) on Wednesday reported a 32% year-on-year (Y-o-Y) fall in its consolidated net profit for the quarter-ended September to Rs 709.51 crore due to lower net interest income (NII). The company said it has received the board approval to raise up to Rs 10,000 crore via issue of non-convertible debentures (NCDs) and $1 billion via qualified institutional placement (QIP). Recently, the company had informed the exchanges that its board considered the option of buyback of shares through the exchanges and sought to consult Sebi regarding the matter.

For the quarter ended September, the firm posted a 23% y-o-y decline in net interest income (NII) — the difference between interest earned and interest expended — to Rs 1,252 crore. Its total income stood at Rs 3,420.45 crore, having witnessed a 19.62% y-o-y decline.

Gross non-performing assets (GNPA) ratio rose 4 bps sequentially to 1.51%, with GNPA coming in at Rs 1,611 crore. Net non-performing assets (NNPA) ratio declined 3 bps to 1.07%. IBHFL said total provisions of Rs 1,494 crore cover gross NPAs of Rs 1,611 crore by 92.8%.

Gagan Banga, vice chairman and managing director, said at a minimum, the firm is now looking at disbursing Rs 30,000 crore of retail home loans and loans against property (LAP) over the next 12 months. “Our asset quality, which has been tightly scrutinised by regulators and auditors, is stable,” he said. The firm’s capital adequacy ratio stood at 28.93%, with tier-I ratio being 22.5%.

IBHFL said as of September 2019, its cash and liquid investments stood at Rs 21,583 crore. “Our cash and liquid investments comfortably cover our next 12 months of debt repayments of Rs 20,151 crore,” he said. IBHFL said it has reduced commercial paper (CP) borrowings to Rs 500 crore, which now constitutes to only 0.4% of its funding.
IBHFL has declared an interim dividend of Rs 7 per share.

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