Indiabulls Housing Finance, the country's second largest housing finance company, has reported 11.8 per cent growth in its profit after tax (PAT) at Rs 4,091 crore for the full year ended March 31, 2019. The company's PAT stood at Rs 3,658 crore in the year-ago period, Indiabulls Housing Finance said in a filing to the Bombay Stock Exchange.
Total revenue for the fiscal stood at Rs 17,027 crore as compared to Rs 14,959 crore in the previous year, registering a year-on-year growth of 13.8 per cent.
The Net Interest Income (NII), the difference between interest received and interest paid, climbed 7.6 per cent to Rs 6,415 crore in FY19 versus Rs 5,960 crore in FY18.
During January-March quarter, private sector lender Lakshmi Vilas Bank mergered with Indiabulls Housing Finance in an all stock deal. The merged entity, to be called Indiabulls Lakshmi Vilas Bank, will be one of the leading private banks in India by size and profitability. Indiabulls Housing Finance also acquired 40 per cent majority stake in OakNorth Bank for Rs 663 crore with two nominees on Board of the bank.
The company also informed that its board has declared an interim dividend of Rs 10 per equity share for FY19-20. The board also approved the proposal of issuing secured and unsecured Non-Convertible Debentures (NCDs) upto Rs 25,000 crore and Rs 1,000 crore respectively, on private placement basis, subjected to shareholders' approval.
Among others, the board also gave nod to shifting of the registered office of the company to its corporate and head office situated at Gurugram. "The proposed shifting would enable the company management to monitor its business more economically, viably and efficiently and to streamline its various corporate functions at reduced cost with better administrative control, supervision and convenience which would facilitate enlarging its business operations," the company informed the exchange.
Meanwhile, shares of Indiabulls Housing Finance closed trade at Rs 116.35 apiece, up 10.23 per cent, on the Bombay Stock Exchange on Wednesday.
Edited by Chitranjan Kumar