Mortgage financier Indiabulls Housing Finance on Thursday reported a marginal 3.3 per cent growth in its profit after tax at Rs 282 crore for the first quarter ended June 30, helped by a lower cost of funds. The lender had reported a profit after tax of Rs 273 crore in the year-ago quarter. Despite loan book coming down, our profitability has remained same, which tells that the company has increased its spread as the cost of funding has come down, its deputy managing director Ashwini Kumar Hooda said. The lender, in a release, said quarterly earnings have grown for the first time since the September 2018 IL&FS default and the ensuing NBFC liquidity crisis. The cost of funds has come down by 20 basis points to 8.4 per cent as of June 30, 2021, from 8.6 per cent, Hooda said. The spread on the book stood at 2.6 per cent. The net interest income improved to Rs 765 crore from Rs 731 crore in the year-ago period. The company said its collection efficiency has normalised in June and Ju
from Companies https://ift.tt/37ple3E
via IFTTT
No comments:
Post a Comment