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Indiabulls Housing Finance Q2 profit dips 32 pc to Rs 702 crore

Mumbai (Maharashtra) [India], Nov 7 : Indiabulls Housing Finance’s consolidated net profit dipped by 32 per cent to Rs 702 crore in the July to September quarter from Rs 1,035 crore in the corresponding quarter of previous financial year.

Its total income also came down to Rs 3,420 crore from Rs 4,255 crore in the year-ago period. However, the board of directors declared an interim dividend of Rs 7 per share of face value Rs 2 amounting to 350 per cent. The company said its gross non-performing assets (NPAs) stood at Rs 1,611 crore at the end of Q2 FY20 from Rs 1,662 crore at the end of Q1 FY20. Net NPAs were down 1.07 per cent at Rs 1,139 crore from Rs 1,246 crore. Total provisions of Rs 1,494 crore covers gross NPAs of Rs 1,611 crore by 92.8 per cent.

Indiabulls Housing Finance is the third largest housing finance company in India with a pan-India network of over 200 branches in 21 states. With a balance sheet of Rs 1.12 lakh crore, it has outstanding loans of Rs 1.06 lakh crore.

However, the Indiabulls Group is in trouble as it seeks to exit the real estate business and focus on financial services. The Delhi High Court is hearing a public interest litigation (PIL) alleging fund diversion and accounting irregularities by its promoters. And the Reserve Bank of India (RBI) has rejected the home financier’s proposed merger with private sector lender Lakshmi Vilas Bank.

At 11 am, the stock of Indiabulls Housing Finance was trading 10.15 per cent higher at Rs 241.50 on BSE Ltd.

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