Homefirst Finance Profit Soars 34% to Rs 79 Crore in Q3
Jan 18, 2024 18:38
Homefirst Finance, an affordable housing financier, reported a 34.2% rise in net profit to Rs 79 crore for the December quarter, driven by higher loan sales and total income.
Mumbai, Jan 18 (PTI) Affordable housing financier Homefirst Finance on Thursday reported a 34.2 percent growth in net income at Rs 79 crore for the December quarter, boosted by higher loan sales and total income.
The city-based company said in a statement its quarterly disbursement grew over 29 per cent to Rs 1,007 crore, taking the total loan book higher by 33.5 per cent to Rs 9,014 crore in the December quarter.
Its total income jumped 46.4 per cent to Rs 301 core.
Homefirst Finance's CEO Manoj Viswanathan said it reported higher profit despite booking lower net interest margin that declined by 40 basis points to 5.3 per cent.
The lender's gross NPA declined to 1.7 per cent of the total advances in the latest December quarter, lower by 10 basis points compared to the year-ago period, Viswanathan said.
This figure would have been 1.1 per cent had it not been for the RBI circular, issued in November 2023, mandating an increase in risk weight capital requirement on bank's lending to NBFCs by 25 percentage points, he added.
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