GRUH Finance Ltd. - Profit After Tax for the Year Amounted to Rs. 33.77 Crores as Compared to Rs. 26.72 Crores for the Previous Year - An Increase of 26%

AHMEDABAD, India, July 9, 2013 /PRNewswire/ --

GRUH Finance Ltd. -  Financial Results for the Quarter Ended June 30, 2013

The Board of Directors of GRUH Finance Ltd. (GRUH) - a subsidiary of HDFC Ltd. - has approved the accounts for the quarter ended June 30, 2013 at their meeting held in Ahmedabad on July 8, 2013.

FINANCIAL RESULTS

Profit after tax for the year amounted to Rs. 33.77 crores as compared to Rs. 26.72 crores for the previous year - an increase of 26%.

Housing Loan Portfolio

The loan portfolio as at June 30, 2013 amounted to Rs. 5727.21 crores as against Rs. 4338.49 crores in the previous year - an increase of 32%.

LENDING OPERATIONS

Loan Disbursements

Loan disbursements during the quarter were Rs. 566.86 crores as against Rs. 440.64 crores in the previous year indicating a growth of 29%.

Cumulative loan disbursements as of June 30, 2013 were Rs. 10083.64 crores.

Non-Performing Loans

The gross NPA as at June 30, 2013 stands at Rs 26.30 crores or 0.46% (total loan outstanding portfolio of Rs. 5727.21 crores).

GRUH is required to carry a provision of Rs. 8.56 crore in the Balance Sheet as at June 30, 2013 on its NPA portfolio as per the guidelines of NHB. GRUH has also made provision for standard loan assets aggregating Rs. 25.28 crore in line with NHB guidelines. Additionally, GRUH carries a provision for contingencies of Rs. 14.82 crore.

As a result, Net NPA as at June 30, 2013 stands at Rs. 2.92 crore indicating Net NPA to loans of 0.05%.

DEPOSITS

GRUH's deposit portfolio has increased to Rs. 659.06 crores, up from Rs. 528.37 crores as at June 30, 2012. 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 "AA+" by CRISIL and ICRA.

RETAIL NETWORK

GRUH has a network of 136 retail offices across 7 states of the country. GRUH has 40 offices in Gujarat, 41 offices in Maharashtra, 14 offices in Karnataka, 19 offices in Madhya Pradesh, 10 offices in Rajasthan, 7 offices in Chhatisgarh and 5 offices in Tamil Nadu.

Highlights of Operational Performance

(Rs. in crore)

    Detail                June 30, 2013  June 30, 2012   Growth (%)
    Net Interest Margin           61.17          47.67    28.32
    Non Interest Expenses         12.74          11.18    13.92
    Operating Profit              54.02          41.52    30
    Profit After Tax              33.77          26.72    26.37
    Disbursements                566.86         440.64    28.65
    Loan Assets                 5727.21        4338.49    32.01

Primary Media Contact: Pritesh Trivedi, [email protected], 91-97272-60309

Secondary Media Contact: Jagan Dave, [email protected], 91-98250-39860