Gruh Finance Ltd. - Profit After Tax for the Year Amounted to Rs. 41.91 Crores as Compared to Rs. 33.77 Crores for the Previous Year - an Increase of 24%

AHMEDABAD, India, July 18, 2014 /PRNewswire/ --

Financial Results for the Quarter Ended June 30, 2014 

The Board of Directors of GRUH Finance Ltd. (GRUH) - a subsidiary of HDFC Ltd, has approved the accounts for the quarter ended June 30, 2014 at their meeting held in Mumbai on July 17, 2014.

Fiancial Results
Profit after tax for the year amounted to Rs. 41.91 crores as compared to Rs. 33.77 crores for the previous year, an increase of 24%.

Housing Loan Portfolio
The loan portfolio as at June 30, 2014 amounted to Rs. 7377.94 crores as against Rs. 5727.21 crores in the previous year, an increase of 29%.

Lending Operations

Loan Disbursements
Loan disbursements during the quarter were Rs. 690.03 crores as against Rs. 566.86 crores in the previous year indicating a growth of 22%. Cumulative loan disbursements as of June 30, 2014 were Rs. 12784.28 crores.

Non-Performing Loans
The gross NPA as at June 30, 2014 stands at Rs. 32.48 crores or 0.44% (total loan outstanding portfolio of Rs. 7377.94 crores).

GRUH is required to carry a provision of Rs.10.16 crore in the Balance Sheet as at June 30, 2014 on its NPA portfolio as per the guidelines of NHB. GRUH has also made provision for standard loan assets aggregating Rs. 32.19 crore in line with NHB guidelines. Additionally, GRUH carries a provision for contingencies of Rs. 19.51 crore. As a result, the Net NPA as at June 30, 2014 stands at Rs. 2.80 crore indicating Net NPA to loans of 0.04%.

Deposits
GRUH's deposit portfolio has increased to Rs. 1122.95 crores, up from Rs. 659.06 crores as at June 30, 2013. 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 145 retail offices across 7 states of the country. GRUH has 42 offices in Gujarat, 42 offices in Maharashtra, 17 offices in Karnataka, 21 offices in Madhya Pradesh, 10 offices in Rajasthan, 7 offices in Chhatisgarh and 6 offices in Tamil Nadu.

Highlights of Operational Performance
         (Rs. in crore)

Detail                                                  June 30 2014,     June 30 2013,      Growth (%)
Net Interest Margin                                      77.41                 61.17                 26.55
Operating Profit                                            72.22                 54.02                 33.69
Profit After Tax                                               41.91                 33.77                 24.13
Disbursements                                          690.03              566.86                 21.73
Loan Assets                                             7377.94            5727.21                 28.82

About GRUH Finance Ltd. 

GRUH Finance Ltd. (GRUH) is a subsidiary of HDFC Ltd. It 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. For more information, visit http://www.gruh.com/.

Primary Media Contact: Pritesh Trivedi, [email protected], +91-9925941100, Manager - PR, One Advertising & Communication Services Ltd.

Secondary Media Contact: Jagan Dave, [email protected], +91-98250-39860, One Advertising & Communication Services Ltd.