Warendra Sinha, MD, GIC Housing Finance expects the company to perform better going ahead.
Speaking to CNBC-TV18 about the financial performance of GIC Housing Finance MD Warendra Sinha said that the company's net non performing assets (NPAs) have been nil for the past two years and gross NPAs have slipped below two percent.
He further added that higher provisions seen in Q4 was a prudential measure and it had nothing to with asset quality going down.
GIC Housing's net profit for Q4 was at Rs 16.6 crore Vs Rs 20 crore (YoY) and net interest income (NII) at Rs 50.2 crore Vs Rs 36 crore (YoY). Net interest margins (NIMs) rose to 2.76 percent compared to 1.85 percent last year.
Below is the verbatim transcript of his interview on CNBC-TV18
Q: Your provisioning for this quarter has gone up quite a bit. Has there been some worsening of asset quality?
A: No, nothing like that. I would say it is a prudential measure.
Q: Could you share your non performing asset (NPA) figures and gross NPA figure for this quarter?
A: We have a net NPA of nil. We have been doing that for the past two years. Our gross NPA has come down to below two percent.
Q: What is it that you can guide to in terms of net interest income growth as we step into FY14 and what kind of margins do you think that may come along with?
A: Our net interest margins (NIMs) have gone up. In fact we have come to 2.76 percent compared to 1.85 percent last year. The company has done well. If one were to look at the stock market, I have not been able to see it since we closed our accounts on Friday afternoon. We are looking to better results in terms of our business this year.
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