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'Housing finance cos, private sector banks standouts of Q3'

Speaking to CNBC-TV18, Dipan Mehta, Member of the Bombay Stock Exchange and National Stock Exchange, said that customers had put their faith in these institutions despite domonetisation.

Housing finance companies and private sector banks have been the standout performers of the earnings season, according to Dipan Mehta, Member of the Bombay Stock Exchange and National Stock Exchange.

Speaking to CNBC-TV18, Mehta said that there were fears that would loan growth would take a hit after the government took popular bank notes out of circulation on November 8. He said that though there had been lower demand in the wake of the note ban, it was good to see that investors had still put their faith in these institutions.

Mehta added that overall, the third quarter trend indicated good news for the equity market as the situation appeared to be getting back to normal post demonetization.

Leading companies in both sectors have shown positive results in the third quarter.

While housing finance company LIC Housing Finance Ltd said its third quarter net profit rose 19.18 percent from a year ago, Indiabulls Housing Finance reported a 23.79 percent rise in its net profit.

Similarly, in the private banking sector, IndusInd Bank’s Q3 net profit was up by 29 percent to Rs 750.64 crore. For Yes Bank, third quarter earnings beat analysts' expectations, with profit rising 30.6 percent to Rs 882.6 crore compared to year-ago period. The growth was driven by strong net interest income, other income and lower provisions.

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First Published on Jan 23, 2017 11:23 am
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