Higher interest income : Dewan Housing Fin profit up 24%

Dewan Housing Finance Ltd's (DHFL.) net profit increased by 24% to Rs 72 crore in the quarter ended September 30, 2011, from Rs 58 crore in the year-ago quarter.

This growth in profit is net of the extraordinary income of Rs 35 crore the company had in the second quarter of last fiscal. Including the extraordinary income, the profit last year was Rs 93 crore.

According to Mr Prashant Chaturvedi, Head Finance, DHFL., ''The growth in profit was on account of higher interest income and strong disbursements. Loan disbursements grew by 28 % to Rs 2,139 crore (Rs 1,670 crore), while sanctions grew by 40% to Rs 3,112 crore (Rs 2,225 crore)".

Net Interest Margin (NIM) for the quarter fell to 2.77% (3%). Cost of funds moved up to 10.80% (9%).

For the 6 month period ended September 30, 2010, net profit was higher by 26% at Rs 138 crore (Rs 109 crore). Home loan sanctions were up by 30%  and disbursements by 25%. Net NPA (Net Non-Performing Assets) stood at 0.26%.
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