Indiabulls Housing Finance on Thursday reported a marginal increase in its consolidated net profit at Rs 282 crore for the first quarter ended June 30.
The housing financier had posted a net profit of Rs 273 crore a year ago.
The total income fell 10 per cent to Rs 2,326 crore during the April-June period as against Rs 2,578 crore in the same period of the previous fiscal, Indiabulls Housing Finance Ltd (IBHFL) said in a regulatory filing.
Quarterly earnings have grown for the first time since the September 2018 IL&FS default and the ensuing NBFC liquidity crisis, it said.
The gross non-performing assets (NPA) stood at 2.86 per cent, while Net NPA was 1.55 per cent at the end of June 30, 2021.
"The company's performance continues to be dependent on future developments, which are uncertain, including, among other things, the current (COVID-19) wave that has significantly increased the number of cases in India and any action to contain its spread or mitigate its impact," it said.
For prudent Asset Liability Management (ALM), the company has voluntarily created a reserve fund for repayment of its USD 350 million dollar bonds maturing in May 2022, it added.
The company will transfer a sum equivalent to 75 per cent of the total maturity proceeds of these bonds, in multiple stages, to a debt repayment trust, which will be managed by IDBI Trustee.
The first tranche of Rs 682.6 crore, representing 25 per cent of the total dollar bond repayment, has already been paid to the trust, it added.The company entered into co-lending partnerships with Central Bank of India to offer housing loans and secured MSME loans, and with Yes Bank to offer housing loans to homebuyers at competitive rates, it said.