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However, total income declined 7.8% year on year to Rs 1,915.62 crore in the quarter ended 30 June 2023.
Consolidated profit before tax stood at Rs 396.23 crore, rising 2.71% from Rs 385.79 crore posted in corresponding quarter last year.
On the asset quality front, the housing finance company's gross non-performing assets (NPAs) stood at Rs 1,886 crore as on 30 June 2023 as against Rs 2,159 crore as on 30 June 2022.
The ratio of gross NPAs to gross advances stood at 2.87% as on 30 June 2023 as against 2.96% as on 30 June 2022.
The ratio of net NPAs to gross advances stood at 1.69% as on 30 June 2023 as against 1.71% as on 30 June 2022.
Net interest income stood at Rs 562 crore in Q1 FY24 while NIM margin stood at 3% as on 30 June 2023.
Separately, in an exchange filing, the company stated, “Indiabulls Housing Finance has transferred the second tranche of the reserve amount (Rs 313.87 cr) to the lender repayment trust. The trustee in turn will create a fixed deposit (FD) using the reserve amount with a scheduled commercial bank, and such reserve amounts shall be utilized for redemption of the FCCB. At maturity, the FD proceeds will be used to discharge the company's liabilities to the holders of the FCCB.
Indiabulls Housing Finance is a housing finance company, regulated by the National Housing Bank (NHB). The company offers competitively priced home loans in the affordable housing segment.
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