Sundaram BNP Paribas Home Finance has reported a net profit of Rs 39.42 crore for the third quarter of FY18, compared with Rs 39.39 crore reported during the year-ago period.
Sundaram BNP Paribas Home Finance has reported a net profit of Rs 39.42 crore for the third quarter of FY18, compared with Rs 39.39 crore reported during the year-ago period. This is despite disbursement for the third quarter rising by 106% to Rs 744 crore, against Rs 361 crore in the same quarter of the previous year. The loan book as on December 31, 2017 stood at Rs 8,081 crore, against Rs 7,660 crore at the end of the corresponding quarter of the previous fiscal. The company’s net worth increased to Rs 1,108 crore at the end of Q3 from Rs 996 crore at the same period last year. During the quarter, the company received the ‘FAAA’ rating for its fixed deposits from Crisil. The company has a deposit base of over Rs 1,000 crore and close to 20,000 depositors, implying an average deposit sum of Rs 500,000 per customer. Srinivas Acharya, MD, Sundaram BNP Paribas Home Finance, said: “The rise in our loan disbursements in Q3 is an indication of the good traction we have been seeing in recent months. The Chennai market that had seen a slowdown in the last few years has registered a good growth in the first nine months of the year, and this is particularly heartening. We expect this to continue in Q4 as well.” He, however, did not offer any explanation as to why profits had not grown in line with disbursements. Hence, it is unclear if this anomaly is due to extraordinary items or operational factors.