Reliance Home Finance posts Rs 41 crore net profit

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Mumbai: Reliance Home Finance Ltd on Monday said it closed the quarter ended on September 30, 2017 with net profit and income.

In a statement issued here, the company said its net profit for the said quarter stood at Rs 41 crore, logging a year-on-year (YoY) growth of 100 per cent.

The company`s total income for the period was Rs 407 crore, a YoY increase of 53 per cent.

The company said the disbursements were Rs 2,003 crore, a growth of 26 per cent, whereas assets under management as of September 30 stood at Rs 14,119 crore.

The company said its gross non-performing assets ratio improved from 1.2 per cent to 0.8 per cent as of September 30.

“We expect to grow our loan book at an accelerated pace, higher than the industry growth, primarily driven by the affordable housing segment which has shown tremendous growth potential.

“We will continue to strengthen our distribution capabilities through presence in more than 100 locations, as well as growth in the online channel to cater to the extremely large untapped market,” Ravindra Sudhalkar, Executive Director and CEO, was quoted as saying in the statement.