Reliance Home Finance Q2 profit doubles to Rs 41 crore

Reliance Home Finance Q2 profit doubles to Rs 41 crore
31/10/2017 , by , in News/Views

 Reliance Home Finance today reported 105 per cent jump in net profit to Rs 41 crore for the September quarter of the current fiscal. This is the company’s first financial result post its listing on the bourses in September this year.

The subsidiary of the Reliance Capital had logged a net profit of Rs 20 crore in the July-September quarter of last fiscal, 2016-17.

The total income of the company rose by over 53 per cent from a year ago to Rs 407 crore for the July-September quarter of 2017-18, Reliance Home said in a regulatory filing. The company’s income was at Rs 266 crore in the same period of 2016-17.

Its gross non-performing assets (NPA) ratio has improved from 1.2 per cent to 0.8 per cent as at end-September. The assets under management (AUM) stood at Rs 14,119 crore as on September 30, up 53 per cent from a year ago.

“We expect to grow our loan book at an accelerated pace, higher than the industry growth, primarily driven by affordable housing segment which has shown tremendous growth potential,” said Ravindra Sudhalkar, Executive Director & Chief Executive Officer, Reliance Home Finance.

“We will continue to strengthen our distribution capabilities through presence in more than 100 locations, as well as growth in the online channel, to cater to the extremely large untapped market,” he added.

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