GRUH FINANCE LTD.
FINANCIAL RESULTS FOR THE HALF YEAR ENDED SEPTEMBER 30, 2013
The Board of Directors of GRUH Finance Ltd. (GRUH) – a subsidiary of HDFC Ltd. – has approved the accounts for the half year ended September 30, 2013 at their meeting held in Mumbai on October 11, 2013.
FINANCIAL RESULTS
Profit after tax for the period amounted to Rs. 68.12 crores as compared to Rs. 53.93 crores for the previous year - an increase of 26%.
Housing Loan Portfolio
The loan portfolio as at September 30, 2013 amounted to Rs. 6142.90 crores as against Rs. 4661.31 crores in the previous year – an increase of 32%.
LENDING OPERATIONS
Loan Disbursements
Loan disbursements during the period were Rs. 1197.15 crores as against Rs. 959.96 crores in the previous year indicating a growth of 25%.
Cumulative loan disbursements as of September 30, 2013 were Rs. 10713.93 crores.
Non-Performing Loans
The gross NPA as at September 30, 2013 stands at Rs 24.93 crores or 0.41% (total loan outstanding portfolio of Rs. 6142.90 crores).
GRUH is required to carry a provision of Rs. 8.34 crore in the Balance Sheet as at September 30, 2013 on its NPA portfolio as per the guidelines of NHB. GRUH has also made provision for standard loan assets aggregating Rs. 26.90 crore in line with NHB guidelines. Additionally, GRUH carries a provision for contingencies of Rs. 17.04 crore.
As a result, Net NPA as at September 30, 2013 stands at Rs. NIL indicating Net NPA to loans of NIL.
DEPOSITS
GRUH’s deposit portfolio has increased to Rs. 834.11 crores, up from Rs. 579.01 crores as at September 30, 2012 indicating a growth of 44%. GRUH’s Fixed Deposit programme is rated “AAA” by CRISIL and ICRA. The rating of “AAA” indicates that the degree of safety of repayment and principal is Very Strong.
GRUH’s Short Term borrowings including Commercial Paper (CP) and short term NCD’s is rated “A1(+)” by CRISIL and ICRA and Long Term Debt and Sub Ordinate Debt programmes are rated “AA+” by CRISIL and ICRA.
RETAIL NETWORK
GRUH has a network of 136 retail offices across 7 states of the country. GRUH has 40 offices in Gujarat, 41 offices in Maharashtra, 14 offices in Karnataka, 19 offices in Madhya Pradesh, 10 offices in Rajasthan, 7 offices in Chhatisgarh and 5 offices in Tamil Nadu.
FINANCIAL RESULTS FOR THE HALF YEAR ENDED SEPTEMBER 30, 2013
The Board of Directors of GRUH Finance Ltd. (GRUH) – a subsidiary of HDFC Ltd. – has approved the accounts for the half year ended September 30, 2013 at their meeting held in Mumbai on October 11, 2013.
FINANCIAL RESULTS
Profit after tax for the period amounted to Rs. 68.12 crores as compared to Rs. 53.93 crores for the previous year - an increase of 26%.
Housing Loan Portfolio
The loan portfolio as at September 30, 2013 amounted to Rs. 6142.90 crores as against Rs. 4661.31 crores in the previous year – an increase of 32%.
LENDING OPERATIONS
Loan Disbursements
Loan disbursements during the period were Rs. 1197.15 crores as against Rs. 959.96 crores in the previous year indicating a growth of 25%.
Cumulative loan disbursements as of September 30, 2013 were Rs. 10713.93 crores.
Non-Performing Loans
The gross NPA as at September 30, 2013 stands at Rs 24.93 crores or 0.41% (total loan outstanding portfolio of Rs. 6142.90 crores).
GRUH is required to carry a provision of Rs. 8.34 crore in the Balance Sheet as at September 30, 2013 on its NPA portfolio as per the guidelines of NHB. GRUH has also made provision for standard loan assets aggregating Rs. 26.90 crore in line with NHB guidelines. Additionally, GRUH carries a provision for contingencies of Rs. 17.04 crore.
As a result, Net NPA as at September 30, 2013 stands at Rs. NIL indicating Net NPA to loans of NIL.
DEPOSITS
GRUH’s deposit portfolio has increased to Rs. 834.11 crores, up from Rs. 579.01 crores as at September 30, 2012 indicating a growth of 44%. GRUH’s Fixed Deposit programme is rated “AAA” by CRISIL and ICRA. The rating of “AAA” indicates that the degree of safety of repayment and principal is Very Strong.
GRUH’s Short Term borrowings including Commercial Paper (CP) and short term NCD’s is rated “A1(+)” by CRISIL and ICRA and Long Term Debt and Sub Ordinate Debt programmes are rated “AA+” by CRISIL and ICRA.
RETAIL NETWORK
GRUH has a network of 136 retail offices across 7 states of the country. GRUH has 40 offices in Gujarat, 41 offices in Maharashtra, 14 offices in Karnataka, 19 offices in Madhya Pradesh, 10 offices in Rajasthan, 7 offices in Chhatisgarh and 5 offices in Tamil Nadu.
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