From correspondents in Gujarat, India, 11:20 PM IST
FINANCIAL RESULTS
Profit after tax for the year amounted to Rs. 7.78 crores as compared to Rs. 5.04 crores for the previous year, an increase of 54%.
Housing Loan Portfolio
The loan portfolio as at June 30, 2008 amounted to Rs. 1893.01 crores as against Rs. 1443.23 crores in the previous year – an increase of 31%. Healthy growth in disbursements has led to the growth in outstanding loan portfolio.
LENDING OPERATIONS
Loan Disbursements
Loan disbursements during the quarter were Rs. 196.99 crores as against Rs. 119.19 crores in the previous year, representing a growth of 65%. Cumulative loan disbursements as of June 30, 2008 were Rs. 3406.32 crores.
Non-Performing Loans
The gross NPA as at June 30, 2008 stands at Rs 32.78 crores or 1.73% (total loan outstanding portfolio of Rs. 1893.01 crores) as against NPA for the previous year at Rs. 33.17 crores or 2.30% of the outstanding loans.
GRUH is required to carry a provision of Rs. 6.02 crores in the Balance Sheet as at June 30, 2008 as per the guideline of NHB including the provision on standard assets in the non housing category. However, GRUH now carries a cumulative provision of Rs. 23.41 crore as at June 30, 2008 including the provision of Rs. 3 crore made during the quarter ended June 30, 2008.
DEPOSITSGRUHs deposits portfolio has increased to Rs. 194.86 crores, up from Rs. 186.47 crores as at March 31, 2008. GRUH’s Fixed Deposit programme has been rated “FAA+” by CRISIL and “MAA+” by ICRA. The rating of “FAA+” and “MAA+” indicates ‘High Safety” as regards repayment of interest and principal. GRUH’s Commercial Paper (CP) is rated at “P1(+)” by CRISIL and Non Convertible Debenture (NCD) is rated at “AA+” by ICRA.
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