Mortgage lender Indiabulls Housing Finance today reported a 23 per cent jump in its net profit at Rs 10.3 billion in the quarter ended March, helped by higher loan growth and lower expenses.
The company had reported a profit after tax of Rs 8.4 billion in the same period last year.
"The growth in profit is primarily driven by loan growth, lower operating expenses and some pick up in fee income," company's vice-chairman and managing director, Gagan Banga, said.
The mortgage lender saw higher demand for housing loans from tier 1 and 2 cities, Mumbai, Bangalore, Hyderabad and Pune, among others.
For the fiscal 2018, the company reported a 32.4 per cent jump in its net profit at Rs 38.47 billion from Rs 29.06 billion.
It's balance sheet grew 27.2 per cent to Rs 1319 billion as at March-end from Rs 1037 billion in the fiscal ended March 31, 2017.
Loans assets grew 34.3 per cent to Rs 1225 billion from Rs 913 billion in the previous fiscal.
Gross non-performing assets stood at 0.77 per cent compared to 0.85 per cent, while net NPA was at 0.34 per cent compared to 0.36 per cent.
The company raised Rs 450 billion from debt market during FY18 and plans to raise Rs 500 billion in the current fiscal, Banga said.
The company's cost to income reduced to 12.5 per cent as compared to 13.3 per cent in FY17.
Its scrip ended 1 per cent down at Rs 1,354.6 on the BSE which closed at 34,415.58, down 0.03 per cent.