Mumbai, India, January 21, 2015 --(PR.com
)-- Key Highlights
• Net Profit up by 15% YoY
• Shows strong growth in Q3FY15
• AUM grown by 28%; as on December 31, 2014 stands at INR 52,637 crore compared to INR 41,078 crore as on December 31, 2013
• Stable Asset Quality with Gross NPA at 0.77%
DHFL, India’s third largest housing finance Company, today announced its results for the third quarter ended December 31, 2014. The Company has registered a rise in Net Profit by 15% annualized, to INR 160 crore for the quarter ended December 31, 2014.
Commenting on the performance, Mr. Kapil Wadhawan, Chairman and Managing Director, DHFL said, “The improving economic scenario and the Indian Government's emphasis on affordable housing has created an encouraging demand for home loans. DHFL’s concerted focus on reaching out to customers in the low and middle income segment in tier 3, 4 and 5 locations has helped us in maintaining a healthy loan portfolio and steady net profit growth during the third quarter of the 2014-15 financial year.
“Easing of repo rates in yesterday’s RBI policy announcement is a welcome move and is expected to provide the much needed impetus to the affordable housing segment. This, I believe will benefit the sector and the consumer. It is my hope that the upcoming Union Budget will further provide impetus to the business.”
The Company retains its three decade old focus on enabling convenient and efficient financial access for every Indian to own a home of his own, through its wide network presence and product proposition. During the 9MFY15, DHFL has expanded its network strength taking its points of presence to over 570 locations. DHFL offers home loans to all customer segments across India, retaining its concerted focus on the low and middle income customer segment. Subsequently, DHFL’s average loan ticket size at the portfolio level stands at Rs 11.6 lakhs. The Company’s total customer base is over 4 lakhs.
DHFL offers a range of home loan products including home loan, home extension loan, home improvement loan, plot loans, mortgage loan, leased rental finance and non-residential property loan. DHFL also offers project loans essentially for development of low and middle income housing projects.
Performance Details for the quarter ended December 31, 2014 as compared to the corresponding period of the previous year:
- Net Profit increased by 15% to INR 160 crore for the quarter ended December 31, 2014 as against INR 138 crore in the corresponding quarter of the previous year
- Profit before tax rose by 23 % to INR 242 crore for the quarter ended December 31, 2014 as against INR 197 crore in the corresponding quarter of the previous year
- Loan Book Outstanding grew 26 % to INR 47,776 crores as at quarter ended December 31, 2014 as against INR 37,849 crore in the corresponding quarter of the previous year
- Loan disbursements and sanctions were INR 4,923 crore and INR 7,072 Crore, respectively for the quarter ended December 31, 2014
- Total Income up by 17 % to INR 1,527 crore during the quarter ended December 31, 2014 as against INR 1,301 crore in the corresponding quarter of the previous year
- Gross NPA stood at 0.77%
- Net Interest Margin stood at 2.77%
Dewan Housing Finance Corporation Limited (DHFL) was founded in 1984 by Late Shri Rajesh Kumar Wadhawan with a vision to provide financial access to the lower and middle income segment of the society. Today, DHFL is India’s third largest housing finance Company with presence across 570 locations. The Company also has overseas representative offices at Dubai and London. More information is available in company website www.dhfl.com