Homefirst Finance net rises 28 pc on higher loan sales

NewsDrum Desk
24 Jan 2023

Mumbai, Jan 24 (PTI) Affordable housing focused Homefirst Finance Company on Tuesday reported a 27.9 per cent growth in net income at Rs 58.7 crore in the quarter ended December 2022.

The company said its loan book rose to Rs 6,751 crore on a quarterly disbursal of Rs 780 crore, up 37 per cent.

Its gross bad loan ratio came down 80 basis points to 1.8 while net NPA (non-performing asset) ratio improved by 10 basis points to 1.9.

Manoj Viswanathan, managing director of Homefirst Finance, said the reporting quarter saw the momentum continuing on disbursements, which jumped 37 per cent to Rs 780 crore, making it the highest quarterly loan sales.

The company continued to remain focused on timely collections helping it bring down the 30-plus DPD (days past due) from 3.3 per cent to 3 per cent. Improvement in asset quality continues across all buckets. 1+DPD improved from 4.7 per cent to 4.4 per cent helping the firm lower its gross stage 3 accounts to 1.8 per cent from 1.9 per cent.

During the quarter the company raised Rs 280 crore from the International Finance Corporation through up to 7-year debt. The proceeds will be used to provide financing to affordable home buyers and green affordable housing.

He said the company made further progress on the digital front with the usage of its app increasing to 91 per cent of customers, from 87 per cent in September. PTI BEN HVA

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