Gruh Finance Q4 net profit flat at Rs 129 cr

HDFC Ltd's subsidiary Gruh Finance Tuesday reported a net profit of Rs 129.44 crore in the fourth quarter ended March 2019, nearly flat on the year. The company's net profit was at Rs 128.44 crore in January-March quarter of fiscal 2017-18.

Total revenues from operations during March quarter stood at Rs 557.77 crore as against Rs 444.15 crore in the year-ago period, the company said in a regulatory filing. Loan assets increased by 12 per cent to Rs 17,408 crore as on March 31, 2019, as against Rs 15,588 crore as on March 31, 2018, it said.

Gruh Finance is engaged in the business of providing loans for purchase or construction of residential houses. The company's board of directors, at its meeting held in January, had approved the scheme of amalgamation for the merger of Gruh Finance with Bandhan Bank, it said.

Earlier in March, RBI had approved the proposed merger of Gruh Finance with Bandhan Bank. Shares of Gruh Finance closed at Rs 316.85 apiece on the BSE, up 0.99 per cent from the previous close.