Q3FY24 Quarterly Result Announced for Repco Home Finance Ltd.
Housing finance company Repco Home Finance announced Q3FY24 results: Financial Highlights for Q3FY24: Loan sanctions increased to Rs 777 crore, up by 4% from Rs 745 crore in Q3FY23. Loan disbursements rose to Rs 759 crore, registering a growth of 9% compared to Rs 696 crore in Q3FY23. Total income stood at Rs 393 crore, a substantial growth of 19% from Rs 331 crore in the same quarter last year. Net interest income was reported at Rs 173 crore, up from Rs 145 crore in Q3FY23, maintaining healthy margins of 5.3%. The loan spread remained steady at 3.4%. Net profits increased to Rs 99 crore, a significant growth of 23% from Rs 81 crore in Q3FY23. Return on assets (ROA) was 3.1%, with a return on equity (ROE) of 15.8%, up from 2.7% and 14.7% respectively in Q3FY23. Loan Book and composition: The overall loan book stood at Rs 13,185 crore as of December 31, 2023, a growth of 2% from Rs 12,922 crore at the end of the previous quarter and an 8% increase from Rs 12,196 crore on December 31, 2022. Housing loans constituted 75.6% of the loan book, while Home Equity products accounted for 24.4%. The non-salaried segment comprised 51.3% of the loan book, and the salaried segment accounted for 48.7%. Asset Quality: The Gross Non-Performing Assets (GNPA) decreased to Rs 618 crore in December 2023 from Rs 750 crore in December 2022. Net Non-Performing Assets (NNPA) also saw a decline to Rs 247 crore from December 2022's figure of Rs 404 crore. GNPA and NNPA ratios improved to 4.7% and 1.9% respectively from 6.15% and 3.4% as of December 31, 2022. Provisions for expected credit losses were maintained at Rs 528 crore, or 4.1% of total loan assets, with a coverage ratio for Stage-3 assets of 60.1%. The company's network included 166 branches and 34 satellite centers across various states and Union Territories as of December 31, 2023. Capital Adequacy: The capital adequacy ratio was robust at 34.7%, comfortably above the regulatory requirement of 15%. Distribution Network: The company's network included 166 branches and 34 satellite centers across various states and Union Territories as of December 31, 2023. Result PDF13-02-2024