Reliance Home Finance, part of Reliance Capital, Tuesday posted a 37.5 increase in net profit after tax at Rs 55 crore in three months ended December 31, 2018. In comparison, the company had reported a net profit after tax of Rs 40 crore in October-December quarter of 2017, Reliance Home Finance Ltd (RHFL) said in a regulatory filing to the stock exchanges. The company’s total income rose by 22 per cent to Rs 516 crore in third quarter ended December 31, 2018 from Rs 424 crore in the year-ago period.
“Q3 FY19 has been a good quarter for us and we continued on the path of profitable growth. RHFL has a clear focus on expanding the book along with a robust growth in the net worth, without compromising on the asset quality. “The company will continue to make valuable investments in people, processes and technology to empower the customer and enable the sustainability of the business for delivering robust shareholder returns,” Reliance Home Finance ED and CEO Ravindra Sudhalkar said.
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The capital adequacy ratio stood at 18.8 per cent, with tier I capital at 12.7 per cent and gross NPA (non-performing assets) ratio was at 0.9 per cent as on December. The company’s assets under management moved up by 24 per cent to Rs 18,288 crore. The firm, which provides a wide range of solutions like home loans, affordable housing loans, and construction finance, expanded its network to 59 cities, catering to about 140 locations.
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Source: Financial Express