GRUH Finance posts 7.7 per cent sequential increase in PAT
Nidhi Jani / 14 Oct 2017
The company has reduced provisions for bad loans by 18.2% QoQ to Rs 22.84 crore vs Rs 27.92 crore in Q1FY18. This has led to an increase in net profit by 7.7% QoQ to Rs 77.8 crore in Q2FY18 as against Rs 72.2 crore in Q1FY18.
GRUH Finance reported results for the quarter ended September 30, 2017, on Saturday. The company’s net interest income (NII) for the quarter grew by 6.7% QoQ to Rs. 172.6 crore as against Rs.161.7 crore in Q1FY18.
The company has reduced provisions for bad loans by 18.2% QoQ to Rs 22.84 crore vs Rs 27.92 crore in Q1FY18. This has led to an increase in net profit by 7.7% QoQ to Rs 77.8 crore in Q2FY18 as against Rs 72.2 crore in Q1FY18.
Loan disbursement during the period were Rs. 2,483 crore vs Rs. 1,945 crore in the previous year indicating a growth of 28 percent.
The gross NPA as on September 30, 2017 stands at Rs. 95.95 crore i.e. 0.67 per cent. Company’s deposit portfolio has decreased to Rs. 1,425 crore in Q2FY18 from Rs. 1,456 crore in Q2FY17.
GRUH Finance Ltd is an Indian housing financing company that offers loans to individuals for purchase, construction, repairs and renovation of dwelling units.