The non-banking finance company, Sundaram BNP Paribas Home Finance, has released its financials for the second quarter of this year. This quarter it has reported a 60 percent increase in its net profits as against the same period last year.
At the end of quarter 2, its net profits stand at Rs. 34 crore, which it earned on the sanction of loans worth Rs. 682 crore. During the same period last fiscal, it had recorded net profits to the tune of Rs. 21 crore on the disbursements of loans worth Rs. 454 crore. As for its assets under management, it has been recorded at Rs. 5070 crore as compared to previous year's results of Rs. 3493 crore.
On the bank's performance, its Managing Director, Mr. Srinivas Acharya said that speedy rise in market reach, steady real estate scenario in southern part of the country and its "close to customer" policy have resulted in the growth of the bank's net profits. Mr. Acharya also said that activity in the home loans segment increases in the second half of the year.
For the current fiscal, the company is expecting to achieve targeted disbursements of Rs. 2500 crore.