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IndiaBulls Housing net soars 55.4% to cross Rs 1,000-cr mark

twitter-logo PTI        Last Updated: January 23, 2018  | 19:27 IST

Mumbai, Jan 23 (PTI) Mortgage lender IndiaBulls Housing Finance today reported a 55.4 per cent growth in net profit at Rs 1,167.7 crore in the quarter to December, boosted by a one-time gain from stake sale in one of its investments.

The company had reported a profit after tax of Rs 751.5 crore in the year ago period.

"In the quarter, we sold one-third of our stake in OakNorth Bank, which helped in profit growth which for the first time crossed the Rs 1,000-crore mark. The healthy growth in net interest income also contributed," vice-chairman and managing director, Gagan Banga said.

In November 2017, the company had sold nearly 10 per cent stake in OakNorth Bank for a consideration of Rs 768 crore, recording a one-off pre-tax profit on sale of investment of Rs 543 crore.

As a prudent measure, the company utilised 33 per cent of the one-off pre-tax gain, to make an additional special provision, in the form of counter-cyclical provisions, of Rs 180 crore.

Net of one-off gains from sale of stake in OakNorth Bank, net profit stood at Rs 930 crore, registering a growth of 23.8 per cent in the reporting quarter as against Rs 751.5 crore in the year-ago period.

The core net interest income grew 23.6 per cent to Rs 1,410 crore from Rs 1,141 crore.

Gross NPAs in the quarter stood at 0.77 per cent as against 0.85 per cent, while and Net NPA at 0.31 per cent compared 0.36 per cent.

Core net interest income grew 23.6 per cent to Rs 1,410 crore from Rs 1,141 crore.

Cost to income ratio stood lower at 12.5 per cent from 13.8 per cent.

During the quarter, the company received approval to raise USD 750 million of masala bonds.

The company scrip ended at Rs 1379.40, up 1.86 per cent on the BSE, whose benchmark Sensex soared 0.96 per cent at 36,139.98, a new life-time high. PTI HV BEN BEN

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