ANI
07 Nov 2019, 11:25 GMT+10
Mumbai (Maharashtra) [India], Nov 7 (ANI): Indiabulls Housing Finance's consolidated net profit dipped by 32 per cent to Rs 702 crore in the July to September quarter from Rs 1,035 crore in the corresponding quarter of previous financial year.
Its total income also came down to Rs 3,420 crore from Rs 4,255 crore in the year-ago period. However, the board of directors declared an interim dividend of Rs 7 per share of face value Rs 2 amounting to 350 per cent.
The company said its gross non-performing assets (NPAs) stood at Rs 1,611 crore at the end of Q2 FY20 from Rs 1,662 crore at the end of Q1 FY20. Net NPAs were down 1.07 per cent at Rs 1,139 crore from Rs 1,246 crore. Total provisions of Rs 1,494 crore covers gross NPAs of Rs 1,611 crore by 92.8 per cent.
Indiabulls Housing Finance is the third largest housing finance company in India with a pan-India network of over 200 branches in 21 states. With a balance sheet of Rs 1.12 lakh crore, it has outstanding loans of Rs 1.06 lakh crore.
However, the Indiabulls Group is in trouble as it seeks to exit the real estate business and focus on financial services. The Delhi High Court is hearing a public interest litigation (PIL) alleging fund diversion and accounting irregularities by its promoters.
And the Reserve Bank of India (RBI) has rejected the home financier's proposed merger with private sector lender Lakshmi Vilas Bank.
At 11 am, the stock of Indiabulls Housing Finance was trading 10.15 per cent higher at Rs 241.50 on BSE Ltd. (ANI)Get a daily dose of Scandinavia Times news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Scandinavia Times.
More InformationDUBLIN, Ireland: Dublin has been ranked as the second most expensive city for apartment construction among ten major European locations,...
DUBLIN, Ireland: Ireland is positioning itself to host a high-profile gathering of European leaders next year, with Tanaiste Simon...
BRUSSELS/LONDON: The European Commission is preparing to ease sustainability reporting requirements for businesses as part of a broader...
DUBLIN, Ireland: Ireland's rental market continued to tighten in 2024, with average rents rising by 5.7 percent over the year, according...
BRUSSELS, Belgium: The European Union is ramping up efforts to secure alternative gas supplies and accelerate its shift to renewable...
DUBLIN, Ireland: A supermarket in Kildare made headlines after honoring a 5-pound voucher issued in 1999, long before Ireland adopted...
WARSAW, Poland: Deputy Prime Minister Krzysztof Gawkowski confirmed over the weekend that Poland has been covering the cost of Ukraine's...
Israel sustained the West's support for its slaughter in Gaza for 15 months only through an intensive campaign of lies. It invented...
WASHINGTON, D.C.: The Pentagon announced this week that it will cut 5,400 jobs as part of President Donald Trump's plan to shrink the...
SACRAMENTO, California: California Governor Gavin Newsom is urging Congress to approve nearly US$40 billion in federal assistance to...
WASHINGTON, D.C.: A U.S. government scholarship program designed to help students from underserved and rural areas attend historically...
WASHINGTON, D.C.: A proposed 10 percent U.S. tariff on oil imports could deal a US$10 billion annual blow to foreign producers, particularly...