Moneycontrol Bureau
Mumbai-based Indiabulls Housing Finance reported 7 percent growth in third quarter (October-December) consolidated profit after tax of Rs 395 crore compared to previous quarter.
Total income from operations grew 7.6 percent sequentially to Rs 1,565.8 crore in the quarter ended December 2013 while total expenses declined 17 percent quarter-on-quarter to Rs 131.6 crore.
Quarter-on-quarter asset quality weakened. Gross non-performing assets (NPAs) expanded to 0.88 percent from 0.85 percent while net NPAs rose to 0.48 percent from 0.44 percent.
Bad debts during the quarter jumped to Rs 23.5 crore from Rs 5.13 crore while the housing finance company made provision for bad debts at Rs 7.9 crore in the quarter gone by as against Rs 47 crore in previous quarter.
Indiabulls Housing Finance declared a third interim dividend of Rs 7 per share for the financial year 2013-2014, which will be paid on or before February 20, 2014.
At 13:14 hours IST, the stock gained 0.96 percent at Rs 236.30 on the BSE.
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