Press Release
January 12, 2012
Financial Results for the Nine Months Ended December 31, 2011

logo-theme-upside
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 NINE MONTHS ENDED DECEMBER 31, 2011

The Board of Directors of GRUH Finance Ltd. (GRUH) – a subsidiary of HDFC Ltd. – has approved the accounts for the Nine Months Ended December 31, 2011 at their meeting held in Mumbai on January 12, 2012.

FINANCIAL RESULTS

Profit after tax for the year amounted to 64.77 crores as compared to 49.91 crores for the previous year, an increase of 30%.

Housing Loan Portfolio

The loan portfolio as at December 31, 2011 amounted to 3761.31 crores as against 2936.63 crores in the previous year – an increase of 28%.

LENDING OPERATIONS

Loan Disbursements

Loan disbursements during the year were 1001.19 crores as against 842.85 crores in the previous year indicating a growth of 19%.

Cumulative loan disbursements as of December 31, 2011 were 6857.06 crores.

Non-Performing Loans

The gross NPA as at December 31, 2011 stands at 36.66 crores or 0.97% (total loan outstanding portfolio of 3761.31 crores).

GRUH is required to carry a provision of 10.01 crore on its Gross NPA portfolio of 36.66 crore as on December 31, 2011 based on the revised guidelines and 14.90 crores towards standard assets i.e. a total provision of 24.91 crore.

However, as a prudent measure, GRUH has made more than the required provision as a result of which, the Net NPA as at December 31, 2011 stands at NIL indicating Net NPA to loans of NIL.

DEPOSITS

GRUH’s deposit portfolio has increased to 357.25 crores, up from 286.48 crores last year. GRUH’s Fixed Deposit programme has been rated “FAA+” by CRISIL and “MAA+” by ICRA. The rating of “FAA+” and “MAA+” indicates ‘High Safety” as regards repayment of interest and principal. GRUH’s Commercial Paper (CP) is rated at “P1(+)” by CRISIL and Non Convertible Debenture (NCD) is rated at “AA+” by ICRA.

RETAIL NETWORK

GRUH has a network of 121 retail offices across 7 states of the country. GRUH has 38 offices in Gujarat, 38 offices in Maharashtra, 10 offices in Karnataka, 18 offices in Madhya Pradesh, 9 offices in Rajasthan, 4 offices in Chhatisgarh and 4 offices in Tamil Nadu.

Highlights of Operational Performance

( in crore)

Detail December 31, 2011 December 31, 2010 Growth (%)
Net Interest Margin 131.41 103.11 27
Non Interest Expenses 29.26 23.47 25
Operating Profit 114.56 89.31 28
Profit Before Tax 95.76 73.63 30
Profit After Tax 64.77 49.91 30
Disbursements 1001.19 842.85 19

January 12, 2012