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NEW DELHI: Indiabulls Housing Finance on Thursday reported a 13.72 per cent year-on-year (YoY) drop in net profit at Rs 985.51 crore for the December quarter.
Adjusted for profit from sale of stake in OakNorth Bank to GIC of Singapore in the year-ago quarter, profit growth stood at 8.9 per cent, the company said in a BSE filing.
The NBFC had reported Rs 1,142.32 crore profit in the same quarter last year.
Revenue for the quarter rose to Rs 4,236.80 crore from Rs 3,419.71 crore in the corresponding quarter last year.
NII, which is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, came in at Rs 1,788 crore, which was higher than Rs 1,432 crore anticipated by analysts in an ET Now poll.
Gross non-performing assets (NPA) at the ennd of December quarter stood at 0.79 per cent against 0.77 per cent in the year-ago quarter.
The company made Rs 330 crore provisions on Supertech account.
"Though IBH’s loan is a standard asset, this is taken as a matter of abundant caution considering issues with other projects of Supertech Limited.
We are confident of recovering these monies over a period of time as our loans are on specific ring-fenced projects exclusively mortgaged to us." it said.
Besides, the company said that Rs 200 crore will be recovered from Palais Royale in Q4FY19.
"The first installment against this has already been received.
Further, Rs 234 crore in March 2020, Rs 234 crore in March
2021 and Rs 234 crore in March 2022, will be recovered, it said.
"This account was recognised as NPA and is provided for in the books.
The resolution of the case happened after pursuing litigation process in the courts for 2 year," it said.
The board of the company announced an interim dividend of Rs 10 per share.
