Two thousand rupee banknotes. (Photographer: Dhiraj Singh/Bloomberg)

Can Fin Homes Expects Festive Season To Boost Q3 Earnings

Can Fin Homes Ltd. saw a relatively subdued earnings performance in the quarter ended September.

The housing finance company’s income rose a mere 2 percent and profit increased 7 percent. But the third quarter for the financial year will spruce up growth as the festive season kicks in, said Managing Director and Chief Executive Officer Sarada Kumar Hota.

“Beyond the usual rundown of 17-18 percent, (in) the last few quarters we’ve witnessed a rundown of 20 percent-plus. We aren’t growing in tune with the amount of fresh loans we’re acquiring,” he told BloombergQuint. “Now going forward, I strongly expect that the issue will cool off.”

Key earning highlights (Q2, year-on-year):

  • Net interest income grew 2 percent to Rs 130.4 crore.
  • Net profit grew 7.5 percent to Rs 76.8 crore.
  • Disbursements grew by 7 percent.
  • Loan book growth at 17 percent.