CanFin Homes net rises to Rs 108.85 crore in June quarter

CanFin Homes on Thursday reported a nearly 17 per cent rise in its net profit at Rs 108.85 crore in the first quarter ended June 2021.

The company had posted a net profit of Rs 93.15 crore in the same quarter a year ago.

Total income, however, fell to Rs 450.84 crore during Q1 FY22 from Rs 522.50 crore in Q1 FY21, CanFin Homes said in a regulatory filing.

The disbursements during the quarter rose to Rs 894 crore as against Rs 401 crore in the year-ago period. New approvals were of Rs 829 crore, up from Rs 264 crore in June 2020 quarter, it said.

Gross non-performing assets (NPAs) were higher at 0.90 per cent of the gross advances by June 30, 2021 as against 0.75 per cent by end of June 2020.

Net NPAs too rose slightly to 0.57 per cent from 0.50 per cent.

CanFin Homes, being sponsored by Canara Bank, said it is well capitalised and there is no impact on capital and financial resources.

"The company has enough liquidity and sufficient unavailed sanctioned limits from banks and financial institutions to meet all obligations and business growth," it said.

It provides housing loans, top up personal loans, mortgage loan, builder loans among others.

CanFin Homes stock closed at Rs 543.70 apiece on the BSE, up 2.95 per cent from their previous close.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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