Can Fin Homes April-June Net Profit Rises 12% On Year To ₹2.24 Billion

Can Fin Homes Ltd. posted a 12% on-year rise in net profit to ₹2.24 billion for the April-June quarter, driven by higher interest income, which rose over 9% to ₹10.10 billion. However, the profit fell 4% sequentially. Total income for the quarter was ₹10.20 billion.

Total expenses rose 9.9% on year to ₹7.43 billion. Employee benefit expense jumped nearly 75% to ₹416.70 million, while fees and commission expense fell over 90% to ₹4.70 million. Other expenses rose 42% to ₹226 million. Provisions for expected credit loss and write-offs increased 7.3% on year to ₹262.52 million and surged 70% sequentially.

As of June 30, gross NPA ratio stood at 0.98% and net NPA ratio at 0.54%. Net profit margin for the quarter was 21.94%, and the capital adequacy ratio stood at 25.43%. Provision coverage ratio was 45.15%. The board also approved the appointment of Hardeep Singh Ahluwalia as an additional director, representing promoter Canara Bank.