GRUH Finance Ltd. - Profit After Tax for the Quarter Amounted to Rs. 115 Crores as Compared to Rs. 96 Crores for the Corresponding Period in Previous Year - an Increase of 20%

AHMEDABAD, India, July 26, 2018 /PRNewswire/ --

GRUH Finance Ltd.: Financial Results for the Quarter Ended June 30, 2018

The Board of Directors of GRUH Finance Ltd. (GRUH) - a subsidiary of HDFC Ltd. has approved the accounts for the quarter ended June 30, 2018 at their meeting held in Mumbai on July 25, 2018.

Pursuant to direction issued by Ministry of Corporate Affairs and National Housing Bank, GRUH has adopted Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) notified under section 133 of the Companies Act, 2013 with effect from April 1, 2018. Accordingly, Financial Results for the quarter ended June 30, 2018 are prepared in compliance with Ind AS requirements. Comparative figures for the corresponding quarter ended June 30, 2017 have been restated to make it comparable with current quarter figures in accordance with Ind AS requirement. 

Financial Results

Profit after tax for the quarter amounted to Rs. 115 crores as compared to Rs. 96 crores for the corresponding period in previous year - an increase of 20%.

Highlights of Operational Performance

(Rs. in crores)              

   
    Particulars           June 30, 2018 June 30, 2017 Growth (%)
    Net Interest Margin        175           155          13
    Non-Interest Expenses      27            25           8
    Profit Before Tax          156           130          20
    Profit After Tax           115           96           20
    Disbursements             1,226         1,200         2
    Loan Assets              15,857        13,665         16

Loan Portfolio 

The loan portfolio as at June 30, 2018 amounted to Rs. 15,857 crores as against Rs. 13,665 crores in the previous year - an increase of 16%.

Lending Operations

Loan Disbursements 

Loan disbursements during the quarter were Rs. 1,226 crores as against Rs. 1,200 crores in the corresponding period in previous year indicating a growth of 2%.

Cumulative loan disbursements as of June 30, 2018 were Rs. 24,397 crores.

Provisions for Expected Credit Losses  

As per requirement of Ind AS 109 on "Financial Instruments", provision for credit losses are to be carried in Balance Sheet based on expected credit losses.  Accordingly, as required by the said Ind AS, GRUH carries provision of Rs. 99.03 crores as on June 30, 2018 towards expected future credit losses on Loan Assets of Rs. 15,857 crores.  

Deposits 

GRUH's deposit portfolio has increased to Rs. 1,498 crores, up from Rs. 1,479 crores as at June 30, 2017. GRUH's Fixed Deposit programme has been rated "AAA" by CRISIL and ICRA. The rating of "AAA" indicates that the degree of safety of repayment and principal is Very Strong.

GRUH's Short Term borrowings including Commercial Paper (CP) and short term NCD's is rated "A1(+)" by CRISIL and ICRA and Long-Term Debt and Sub Ordinate Debt programmes are rated "AAA" by ICRA.

Retail Network 

GRUH has a network of 194 retail offices across 11 states of the country. GRUH has 48 offices in Gujarat, 51 offices in Maharashtra, 17 offices in Karnataka, 32 offices in Madhya Pradesh, 13 offices in Rajasthan, 12 offices in Chhattisgarh, 12 offices in Tamil Nadu, 5 branches in Uttar Pradesh, one each in the states of Jharkhand and Bihar and 2 branches in West Bengal.

For more information, please visit: http://www.gruh.com

Media Contact:
Pritesh Trivedi
[email protected]
+91-9925941100
Manager - PR
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