Press Release
October 29, 2018
Financial Results For The Half Year Ended September 30, 2018

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Corporate office
“GRUH”
Netaji Marg,
Nr. Mithakhali Six Roads,
Ellisbridge,
Ahmedabad – 380 006
Gujarat, India.
Phone : +91 – 079 – 26421671 – 75
Fax : +91 – 079 – 2656 9215
   

GRUH FINANCE LTD.
FINANCIAL RESULTS FOR THE HALF YEAR ENDED SEPTEMBER 30, 2018

The Board of Directors of GRUH Finance Ltd. (GRUH) – a subsidiary of HDFC Ltd. – has approved the accounts for the half year ended September 30, 2018 at their meeting held in Mumbai on October 29, 2018.

FINANCIAL RESULTS

Profit after tax for the half-year amounted to 220.43 crores as compared to 183.50 crores for the previous year – an increase of 20%.

Highlights of Operational Performance

( in crore)

Details Sept 30, 2018 Sept 30, 2017 Growth (%)
Net Interest Margin 349 314 11
Non-Interest Expenses 60 54 12
Profit After Tax 220 184 20

Loan Portfolio

The loan portfolio as at September 30, 2018 amounted to 16,663 crores as against 14,271 crores in the previous year – an increase of 17%.

LENDING OPERATIONS

Loan Disbursements

Loan disbursements during the period were 2,738 crores as against 2,483 crores in the previous year indicating a growth of 10%.

Cumulative loan disbursements as of September 30, 2018 were 31,194 crores.

Provisions for Expected Credit Losses

As per requirement of Ind AS 109 on “Financial Instruments”, provision for credit losses are to be carried in the Balance Sheet based on expected credit losses. Accordingly, as per Ind AS 109, GRUH is required to carry provisions of 49.91 crores towards expected future credit losses on Loan Assets of 16,663 crores. Against that, GRUH is actually carrying a provision of 129.03 crores as on September 30, 2018.

DEPOSITS

GRUH’s deposit portfolio has increased to 1,515 crores, from 1,412 crores as at September 30, 2017. GRUH’s Fixed Deposit programme is rated “AAA” by CRISIL and ICRA. The rating of “AAA” indicates that the degree of safety of repayment and principal is Very Strong.

GRUH’s Short Term borrowings including Commercial Paper (CP) and short term NCD’s is rated “A1(+)” by CRISIL and ICRA and GRUH’s Long Term Debt and Sub Ordinate Debt programmes are rated AAA by both rating agencies viz. CRISIL and ICRA.

RETAIL NETWORK

GRUH has a network of 194 retail offices across 11 states of the country. GRUH has 48 offices in Gujarat, 51 offices in Maharashtra, 17 offices in Karnataka, 32 offices in Madhya Pradesh, 13 offices in Rajasthan, 12 offices in Chhattisgarh, 12 offices in Tamil Nadu, 5 offices in Uttar Pradesh, 2 offices in West Bengal and one each in Jharkhand and Bihar.

October 29, 2018