Financial Results for the Quarter Ended December 31, 2013
Press Release
January 16, 2014
Financial Results for the Quarter Ended December 31, 2013
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Corporate office |
GRUH FINANCE LTD.
FINANCIAL RESULTS FOR THE QUARTER ENDED DECEMBER 31, 2013
The Board of Directors of GRUH Finance Ltd. (GRUH) – a subsidiary of HDFC Ltd. – has approved the accounts for the quarter ended December 31, 2013 at their meeting held in Mumbai on January 16, 2014.
FINANCIAL RESULTS
Profit after tax for the year amounted to 103.36 crores as compared to 82.82 crores for the previous year, an increase of 25%.
Housing Loan Portfolio
The loan portfolio as at December 31, 2013 amounted to 6544.60 crores as against 4995.11 crores in the previous year – an increase of 31%.
LENDING OPERATIONS
Loan Disbursements
Loan disbursements during the year were 1824.74 crores as against 1490.71 crores in the previous year indicating a growth of 22%.
Cumulative loan disbursements as of December 31, 2013 were 11341.52 crores..
Non-Performing Loans
The gross NPA as at December 31, 2013 stands at 29.93 crores or 0.46% (total loan outstanding portfolio of 6544.60 crores).
GRUH is required to carry a provision of 9.44 crore on its Gross NPA portfolio of 29.93 crore as on December 31, 2013 based on the revised guidelines and 28.68 crores towards standard assets i.e. a total provision of 38.12 crore.
However, as a prudent measure, GRUH has made more than the required provision as a result of which, the Net NPA as at December 31, 2013 stands at NIL indicating Net NPA to loans of NIL.
DEPOSITS
GRUH’s deposit portfolio has increased to 926.94 crores, up from 632.35 crores last year. GRUH’s Fixed Deposit programme has been rated “FAAA” by CRISIL and “MAAA” by ICRA. The rating of “FAAA” and “MAAA” indicates ‘Highest Safety” as regards repayment of interest and principal. GRUH’s Commercial Paper (CP) is rated at “P1(+)” by CRISIL and ICRA and Non Convertible Debenture (NCD) is rated at “AA+” by CRISIL and ICRA.
RETAIL NETWORK
GRUH has a network of 138 retail offices across 7 states of the country. GRUH has 40 offices in Gujarat, 41 offices in Maharashtra, 15 offices in Karnataka, 20 offices in Madhya Pradesh, 10 offices in Rajasthan, 7 offices in Chhatisgarh and 5 offices in Tamil Nadu.
Highlights of Operational Performance
( in crore)
| Detail | December 31, 2013 | December 31, 2012 | Growth (%) |
|---|---|---|---|
| Net Interest Margin | 193.72 | 155.87 | 24.28 |
| Non Interest Expenses | 43.11 | 36.04 | 19.62 |
| Operating Profit | 169.40 | 136.01 | 24.55 |
| Profit Before Tax | 151.26 | 121.90 | 24.08 |
| Profit After Tax | 103.36 | 82.82 | 24.79 |
| Disbursements | 1824.74 | 1490.71 | 22.41 |
January 16, 2014
