GIC Housing Finance net profit jumps 14% for first quarter


New Delhi: On Thursday for the June quarter of this Fiscal, GIC Housing Finance accounted a 14.4 per cent climb in net profit at Rs 32.32 crore. The corporation’s net profit stood at Rs 28.25 crore in the similar quarter of 2015-16. The company conveyed in a regulatory filing that, total income increase to Rs 234.87 crore for the first quarter, up from Rs 204.58 crore in the subsequent period of preceding fiscal. Income from processes stood at Rs 234.36 crore as next to Rs 203.90 crore former.

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As of June 2016 Rs 51 lakh was investment income as next to Rs 68 lakh in the year previously period. For first quarter, the corporation conveyed that, it made stipulation for contingencies of Rs 6 crore compared to Rs 3.98 crore a year previously. The year ago the corporation made stipulation of Rs 16.35 crore towards taxes as next to Rs 14.20 crore. The corporation provides loans for the purchase or construction of residential units and other actions rotate approximately the core business. It has also further conveyed that, corporation has maintained 100 per cent asset cover on its protected listed non-convertible debentures as on June 2016. On Wednesday shares of GIC Housing Finance ended 0.33 per cent up at Rs 329.70 on BSE.

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