Can Fin Homes Q2 net profit jumps ~39% to ₹212 Crore

23 Oct 2024 , 02:52 PM

On Tuesday (October 22), Can Fin Homes Ltd, the housing finance unit of national lender Canara Bank, reported a 33.8% YoY increase in net profit at ₹211.5 Crore for the second quarter ending September 30, 2024.

In the preceding fiscal quarter, Can Fin Homes reported a net profit of ₹158.1 Crore, according to a regulatory filing.

Net interest income (NII), which is the difference between the interest revenue a bank gets from lending activities and the interest it pays to depositors, climbed 7.3% to ₹339.8 Crore from ₹316.8 Crore in the same quarter of FY24.

The gross non-performing asset (GNPA) ratio was 0.88% in the September quarter, compared to 0.91% in the June quarter. Net NPA was 0.47%, compared to 0.49% in the previous quarter.

In September 2024, Can Fin Homes had a loan portfolio of ₹36,591 Crore, up 10% from ₹33,359 Crore the previous year. Housing loans made up 77% of the loan book, with non-housing loans, such as commercial real estate (CRE), accounting for the remaining 23%.

Loan disbursements in Q2 FY25 totalled ₹2,381 Crore, up 18% from ₹2,019 Crore in Q2 FY24 and 28% higher than Q1 FY25.

As of September 30, 2024, the company’s Liquidity Coverage Ratio was 166.06%, exceeding the necessary 70%. It also has undrawn bank lines worth ₹5,440.77 Crore. 

At around 2.33 PM, Can Fin Homes was trading 4.99% higher at ₹874.50, against the previous close of ₹832.90 on NSE. The counter touched an intraday high and low of ₹897.95, and ₹840.25 on NSE. 

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