GRUH FINANCE LTD.
FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2011
The Board of Directors of GRUH Finance Ltd. (GRUH) – a subsidiary of HDFC Ltd. – has approved the accounts for the quarter ended June 30, 2011 at their meeting held in Ahmedabad on July 14, 2011.
FINANCIAL RESULTS
Profit after tax for the year amounted to Rs. 20.55 crores as compared to Rs. 15.95 crores for the previous year, an increase of 29%.
Housing Loan Portfolio
The loan portfolio as at June 30, 2011 amounted to Rs. 3362.50 crores as against Rs. 2565.77 crores in the previous year – an increase of 31%.
LENDING OPERATIONS
Loan Disbursements
Loan disbursements during the quarter were Rs. 321.56 crores as against Rs. 234.58 crores in the previous year indicating a growth of 37%.
Cumulative loan disbursements as of June 30, 2011 were Rs. 6177.43 crores.
Non-Performing Loans
The gross NPA as at June 30, 2011 stands at Rs 37.74 crores or 1.12% (total loan outstanding portfolio of Rs. 3362.50 crores). An additional provision for contingencies of Rs. 11.31 crores has been made for the non performing assets during the quarter. As a result, Net NPA as at June 30, 2011 stands at Rs. NIL indicating NIL Net NPA.
DEPOSITS
GRUH’s deposit portfolio has increased to Rs. 282.94 crores, up from Rs. 280.69 crores as at June 30, 2010. GRUH’s Fixed Deposit programme has been rated “FAA+” by CRISIL and “MAA+” by ICRA. The rating of “FAA+” and “MAA+” indicates ‘High Safety” as regards repayment of interest and principal. GRUH’s Commercial Paper (CP) is rated at “P1(+)” by CRISIL and Non Convertible Debenture (NCD) is rated at “AA+” by ICRA.
RETAIL NETWORK
GRUH has a network of 117 retail offices across 7 states of the country. GRUH has 36 offices in Gujarat, 36 offices in Maharashtra, 11 offices in Karnataka, 17 offices in Madhya Pradesh, 9 offices in Rajasthan, 4 offices in Chhatisgarh and 4 offices in Tamil Nadu.
Highlights of Operational Performance
(Rs. in crore)
| Detail | June 30, 2011 | June 30, 2010 | Growth (%) |
| Net Interest Margin | 41.81 | 33.87 | 23.44 |
| Non Interest Expenses | 8.75 | 6.62 | 32.11 |
| Operating Profit | 37.36 | 30.49 | 22.53 |
| Profit Before Tax | 27.13 | 20.89 | 29.86 |
| Profit After Tax | 20.55 | 15.95 | 28.86 |
| Disbursements | 321.56 | 234.58 | 37.08 |
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