In an interview to CNBC-TV18 Gagan Banga, Vice Chairman & Managing Director, Indiabulls Housing Finance spoke about the financial performance of the company in Q2FY15 and the road ahead.
The company reported a 21 percent growth at Rs 448.3 crore in net profit for the September quarter versus Rs 370.38 crore in the same period last year. Its core net interest income (NII) increased 14.3 percent to Rs 737.4 crore, while total income rose to Rs 1,518 crore from Rs 1,400 crore.
Banga expects the company's gross NPLs to remain between 70 & 90 bps and net NPLs to hover in 30-50 bps range. "We continue to remain liquid. We have over Rs 7,000 crore of cash which comes in extremely handy whenever the liquidity in the market dries up and this came to our advantage extremely useful last year between July and September. Going forward this will continue to remain an area of emphasis," he added.
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Speaking about the company's operating performance, he said that one of the key developments in the quarter was that the company's credit rating got upgraded to AAA. Also, it has invested in strengthening the overall board of directors, he said.
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