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Mahindra Finance and DHFL report strong growth in Net Profit

Mahindra Finance and Dewan Housing Finance Ltd (DHFL) have both reported strong growth in net profit for the quarter ending September 30 on the back of good growth on their loan books. DHFL has reported more than two fold increase in net profit to Rs 93.47 crore from Rs 37.51 crore that it reported for the same period in 2009.This increase was partly helped by Rs 35 crore that DHFL reported in capital gains.

Dewan Housing Finance Limited has also sold around 1,300,000 shares of its erstwhile partner company, HDIL as a part of plan to divide the assets of the promoter family.DHFL loan book

Net interest income of DHFL has increased by 57 per cent to Rs 97.57 crore from Rs 61.71 crore in the corresponding period last year.

Gross NPAs as a percentage of gross advances fell to 1.07 per cent, compared to 1.44 per cent a year ago.

Meanwhile Mahindra Finance reported a 71 per cent growth in net profit to Rs 116.48 crore from 69.2 crore that it reported for the same period in 209.Its gross NPAs fell to 5.8 per cent, from a high of 9.0 per cent a year ago.Its loan book has crossed the Rs 12,000 Crore mark.

According to Mahindra Finance Managing Director Ramesh Iyer, the loan book growth was supplemented by new segments such as commercial vehicles and loans for second-hand vehicles.

Abhay N

Author : 

Abhay is the founder and managing editor of India Microfinance. He is passionate about microfinance, financial inclusion and social entrepreneurship in India.

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