Dewan Housing Finance Corp Q3 net profit up 25% to Rs 3.06 billion
Dewan Housing Finance Corporation (DHFL) reported a 25 per cent increase in third quarter net profit at ₹306 crore against ₹245 crore in the year-ago period mainly driven by a robust growth in loan disbursements. The housing finance company’s net interest income increased 21.55 per cent year-on-year (y-o-y) to ₹626 crore. Net interest margin declined a tad to 3.03 per cent from 3.07 per cent in the year-ago quarter.
Loan disbursements jumped 54 per cent to ₹10,846 crore in the reporting quarter. Loan sanctions shot up 75 per cent to ₹16,552 crore. Assets under management (AUM) grew 29 per cent to ₹1,01,286 crore for the quarter ended December 31, 2017. Loan book outstanding grew 22 per cent to ₹83,962 crore.
DHFL’s product mix shows that in the reporting quarter the proportion of home loans in total loans came down to 63 per cent (from 69 per cent in the year-ago period); loan against property increased to 18 per cent (16 per cent); project loans were up at 15 per cent (12 per cent); and SME loans nudged up to 4 per cent (3 per cent).
Kapil Wadhawan, Chairman and Managing Director, said: “The quarter has been truly significant and a milestone one for DHFL in taking asset under management over the ₹1 lakh crore mark. “The disbursement growth of 53.6 per cent amounting to ₹10,846 crore is yet another significant mark this quarter, which speaks of the momentum gained by the team to harness the growth potential in the affordable homes segment through close engagement with customers and developers alike.”