The mortgage lender benefited from an impairment reversal of ₹93 crore on financial instruments, reversing a ₹72 crore charge from the prior-year period. Asset quality bolstered the firm's balance sheet as gross non-performing assets fell substantially year-over-year. Additionally, the company identified ₹19,610 crore worth of credit to be shifted from housing to non-housing finance. Management confirmed that this internal reclassification will have no material impact on the company's aggregate loan book.
Key points
The housing finance company reversed an earlier impairment charge to boost its quarterly…: The housing finance company reversed an earlier impairment charge to boost its quarterly net profit.
Asset quality metrics demonstrated steady improvement across both gross and net non-perfo…: Asset quality metrics demonstrated steady improvement across both gross and net non-performing loan measures.
A planned ₹19,610 crore loan portfolio reclassification will not cause any material chang…: A planned ₹19,610 crore loan portfolio reclassification will not cause any material change to total assets.
Sources checked by our analysis pipeline: 1
The housing financier reported a ₹93 crore reversal of impairment on financial instruments, against a charge of ₹72 crore a year earlier. Gross non-performing assets declined to 2.05% from 2.51%, while net NPAs improved to 1.06% from 1.19%.
Separately, the company identified ₹19,610 crore of loans for reclassification from housing to non-housing finance, saying the change would not materially affect total loan assets.
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