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Sunday, October 28, 2012

Sundaram BNP Paribas Home net jumps 60%

Sundaram BNP Paribas Home Finance’s net profit jumped 60 per cent in the second quarter of the current financial year compared with the corresponding quarter in the previous year.

For the quarter ended September 30, it reported a net profit of Rs 34 crore (Rs 21 crore) on disbursements of Rs 682 crore (Rs 454 crore). Assets under management stand at Rs 5,070 crore (Rs 3,493 crore).

Rapid increase in market reach, stable real estate sentiments in the South and “close to customer” strategy contributed to the growth, said Srinivas Acharya, Managing Director, Sundaram BNP Paribas.

The company hopes to reach targeted disbursement of Rs 2,500 crore for the current year.

Usually, the home loan market gets more active in the second half of the year, he said.

The company is “bullish on the real estate market in the South” and focuses on the first-time home buyer.


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