Canara Bank promoted housing loan provider Can Fin Homes Ltd on Saturday (January 20), reported a 32% year-on-year (YoY) rise in net profit at ₹200 crore for the third quarter that ended December 31, 2023.
In the corresponding quarter last year, Can Fin Homes posted a net profit of ₹151 crore, the company said in a regulatory filing to stock exchanges.
Net interest income (NII), which is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, jumped 30.6%, coming at ₹329 crore against ₹252 crore in the corresponding quarter of FY23.
The gross non-performing asset (GNPA) stood at 0.91% in the December quarter against 0.76% in the September quarter. The net non-performing assets (NPAs) came at 0.49% against 0.43% quarter-on-quarter. The Capital Risk Adequacy Ratio (CRAR) of the company stood at 24.58%.
During the previous quarter, the housing loan provider said it had reported a fraud about an isolated event in Ambala where internal staff colluded and caused a fraud on the Company perpetrated over 22 months from September 2021 till July 2023.
The final amount of fund defalcation was quantified as ₹39.67 crore. The company has fully provided for the entire amount of defalcation and accordingly, the post-tax impact of the fraud of ₹29.69 crores was fully provided in the previous quarter.
The Board of Directors had declared an interim dividend of ₹2 per share for equity shares of face value of ₹2 each at their meeting held on December 20, 2023, and paid subsequently. Can Fin Homes has declared 25 dividends since July 3, 2001. In the past 12 months, the company had declared an equity dividend amounting to ₹2 per share.
Shares of Can Fin Homes Ltd ended at ₹768.00, down by ₹10.20, or 1.31 percent on the BSE.
Note:
The stock market is engaged in a complete session on Saturday, January 20, and will be closed on Monday, January 22, due to a public holiday in Maharashtra state to mark the inauguration of the Ram Temple in Ayodhya city.
(Edited by : Amrita)
First Published: Jan 20, 2024 3:02 PM IST
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