Aadhar Housing Finance posts Rs 308 crore Q2 profit, disbursements up 22%; ratings upgraded

Housing finance company Aadhar Housing Finance has released its financial results for the September quarter and the first half of the year, according to figures issued from Mumbai. The company said loan disbursements rose 22 per cent in the September quarter, and net profit for the quarter reached Rs 308 crore.

Profit for the half year was Rs 591 crore. The growth in profit was 16 per cent for the quarter and 17 per cent for the half year, meaning earnings were higher than before in both periods.

Assets under management (AUM) have reached Rs 32,643 crore, up 18 per cent from Rs 27,554 crore in the first half of last year. In the same period, loan disbursements rose to Rs 4,613 crore from Rs 4,089 crore.

The company's net worth has also grown, to Rs 8,201 crore in the half year from Rs 6,894 crore. The company said return on assets remained steady at 4.2 per cent, while return on equity was 15 per cent.

Loan quality has also improved. The gross non-performing assets (NPA) ratio has fallen to 1.34 per cent from 1.42 per cent.

In view of this performance, the credit rating agencies India Ratings and ICRA have both upgraded the company's long-term credit rating. The new rating is AA+ (stable).

On expansion, the company opened a branch in Jammu in the September quarter. With this, it has 632 branches across 23 states.

Aadhar Housing Finance is counted among the leading companies providing home finance in second- and third-tier cities as well as semi-urban areas.