DHFL Q1 profit up 35% to Rs 435 cr
Mortgage lender DHFL today reported 35 per cent rise in net profit to Rs 435 crore for the first quarter ended June 30 of the current fiscal on higher lending.
The company had posted a net profit of Rs 322.4 crore in the April-June quarter of last fiscal.
Its total income went up to Rs 3,156.1 crore, from Rs 2,497.1 crore, DHFL said in a statement.
Loan book outstanding saw a growth of 33 per cent to Rs 1,00,980.5 crore during the quarter under review as against Rs 76,224.8 crore in the year-ago period.
Loan disbursements and sanctions for the June quarter stood at Rs 13,582.9 crore an increase of 65 per cent, DHFL chairman and managing director Kapil Wadhawan said.
Assets under management (AUM) grew 37 per cent year on year to Rs 1,20,939.9 crore as of June end. Gross NPA marginally declined to 0.93 per cent while net interest margin rose to 3.44 per cent from 3.05 per cent a year ago..
With the dynamic momentum of the government's initiatives and regulatory reforms in the affordable housing space, 2018-19 has begun on a promising trajectory for the industry, he said.
"DHFL actively leveraged its competitive strengths and expertise in this conducive ecosystem to reinforce its leadership position in the industry. The new fiscal has commenced with renewed vigor and greater encouragement as reflected by DHFL's healthy Q1 performance," he added.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.