Can Fin Homes Ltd (CFHL), a leading housing finance company sponsored by Canara Bank, reported a 26.08% rise in net profit for the quarter ending March 2024. Net profit increased to INR 209.02 crore compared to INR 165.79 crore in the same quarter last year. Total income grew 21.37% to INR 927.64 crore. The board recommended a final dividend of INR 4 per share for FY 2023-24. Vikram Saha was appointed additional director while Ajay Kumar Singh resigned as deputy managing director. With a stable outlook, prudent provisioning and a strong balance sheet, CFHL is well positioned to capitalize on growth opportunities in the housing finance sector.
Can Fin Homes (CFHL), sponsored by Canara Bank, reported a 26.08% rise in net consolidated profit for the quarter ended March 31, 2024. Net profit stood at INR 209.02 crore for Q4 FY24, up from INR 165.79 crore in the same quarter of the previous fiscal.
Total income increased 21.37% to INR 927.64 crore for Q4 FY24, compared to INR 764.29 crore in the year-ago quarter.
The board recommended a final dividend of INR 4 per share of face value INR 2 each for FY2023-24.
Vikram Saha was appointed as an additional director effective April 29, 2024. The resignation of Ajay Kumar Singh as deputy managing director was accepted.
As of March 31, 2024, net worth was INR 4,343.85 crore with a debt-equity ratio of 7.34. Total debt to assets ratio was 0.87 and net profit margin was 21.30%. Gross and net non-performing assets (NPAs) were 0.82% and 0.42% respectively, with a capital risk adequacy ratio (CRAR) of 23.61%.
The board renewed authorization for issuing non- convertible redeemable debentures (NCDs) on a private placement basis up to INR 2,100 crore within the overall INR 4,000 crore limit.
As of March 2024, the loan portfolio amounted to INR 34,999 crore, up 11% from the previous year. Housing loans comprised 78% and non-housing 22%. Loan disbursements were INR 8,177 crore compared to INR 8,947 crore last year, with Q4 disbursements of INR 2,313 crore.
A provision of INR 390 crore was held against expected future credit losses on INR 34,999 crore loans. Liquidity coverage ratio as of March 31, 2024 was 122% against the requirement of 70%. Undrawn bank lines stood at INR 5,814 crore to meet commitments for the next three months.
Thus, CFHL concluded FY2024 on a strong note, with healthy growth in quarterly net profit and total income. Key financial metrics such as net worth, capital adequacy, asset quality and liquidity remained robust. The company continues to focus on affordable housing while diversifying its loan portfolio. With a stable outlook, prudent provisioning and a strong balance sheet, CFHL is well positioned to capitalize on growth opportunities in the housing finance sector.
Advertisement
Facebook
Whatsapp
