Ahmedabad, Gujarat, The Board of Directors of GRUH Finance Ltd. (GRUH) - a subsidiary of HDFC Ltd. - has approved the accounts for the quarter ended December 31, 2009 at their meeting held in Mumbai on January 14, 2010.
FINANCIAL RESULTS
Profit after tax for the year amounted to Rs. 36.16 crores as compared to Rs. 27.78 crores for the previous year, an increase of 30%.
LENDING OPERATIONS
Loan Disbursements
Loan disbursements during the year were Rs. 492.37 crores as against Rs. 497.52 crores in the previous year. The disbursements during the third quarter at Rs. 207.64 crore have grown by 21% over the second quarter of the year. As a result, the loan portfolio as at December 31, 2009 amounted to Rs. 2288.80 crores as against Rs. 2016.41 crores in the previous year - an increase of 14%.
Non-Performing Loans
The gross NPA as at December 31, 2009 stands at Rs 42.16 crores or 1.84% (total loan outstanding portfolio of Rs. 2288.80 crores) as against NPA for the previous year at Rs. 25.02 crores or 1.24% of the outstanding loans.
GRUH is required to carry a provision of Rs. 7.19 crores in the Balance Sheet as at December 31, 2009 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. 42.20 crore as at December 31, 2009 including the provision of Rs. 20.28 crore made from the current year profits. As a result Net NPAs stood at Rs. NIL crores which is 0.00% of outstanding loans of Rs. 2288.80 crores.
DEPOSITS
GRUHs deposits portfolio stands at Rs. 270.65 crores, as at December 31, 2009. GRUH 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 Commercial Paper (CP) of Rs. 500 crore is rated at "P1(+)" by CRISIL. GRUH has unutilised limit of Rs. 255 crore under its Non Convertible Debenture (NCD) programme of Rs. 600 crore. The NCD are rated "AA+" by ICRA.
CAPITAL ADEQUACY RATIO
The Capital Adequacy Ratio (CAR) as at December 31, 2009 is 17.03% as against the minimum requirement of 12%. Tier I CAR stood at 15.49% while Tier II CAR was 1.54%.
RETAIL NETWORK
GRUH has a network of retail offices to 91 across 7 states of the country. GRUH has 31 offices in Gujarat, 27 offices in Maharashtra, 10 offices in Karnataka, 12 offices in Madhya Pradesh, 6 offices in Rajasthan, 4 offices in Chhatisgarh and one in Tamil Nadu.
Notes to Editor
GRUH Finance Ltd. (GRUH) - a subsidiary of HDFC Ltd. has a network of retail offices to 91 across 7 states of the country. GRUH has 31 offices in Gujarat, 27 offices in Maharashtra, 10 offices in Karnataka, 12 offices in Madhya Pradesh, 6 offices in Rajasthan, 4 offices in Chhatisgarh and one in Tamil Nadu.
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