June 21, 2018
COIMBATORE: Aadhar Housing Finance has shown remarkable performance and rapid growth by reporting 103 per cent in net profit compared to last financial year. The company reported a profit of Rs. 100 crore as compared to Rs. 49 crore in 2016-17, according to Deo Shankar Tripathi, Managing Director of the company.
“The Housing for All scheme has give a boost to the affordable housing finance segment due to which the performance of the merged entity has been excellent for financial year 2017-18. The total income increased to Rs. 748 crore from Rs. 543 crore in the one year period. The loan disbursement during 2017-18 is Rs. 3095 crore as against Rs.2338 crores in 2016-17,” he said.
Formerly known as DHFL Vysya Housing Finance, Aadhar is a subsidiary of Wadhawan Global Capital (WGC) with equity participation from DHFL and International Finance Corporation.
The total assets under management (AUM) grew to Rs. 7966 crore by the end of 2017-18 from Rs.4991 crores in 2016-17. The Gross Retail NPA (on AUM) was at 0.58 per cent as of March 31, 2018, he added.
The company has decided to widen its reach to people who are unbanked and has planned to increase their locations from 1500 to 2500 in tier 2,3,4 cities and towns. “We are even planning begin operations in Assam and Himachal Pradesh,” he added.
“We expect 55 per cent growth in disbursement by adding 75,000 new accounts in the current year, while maintaining the NPA at 0.5 per cent. During FY2019, we are aiming to achieve a 50 per cent growth in loan book,” he said.
“The company will open two more branches in Tamil Nadu in addition to the existing 31 in order to provide loans to people from low income group. We are mainly focusing on those who are really in need of housing finance. About 90 per cent of our loan book is below 25 lakh,” Komala Nair, Business Head (South) told The Covai Post.