Can Fin Homes Q3 results: Net profit rises 24% to Rs 132 cr

Can Fin Homes Q3 results: Net profit rises 24% to Rs 132 cr

Can Fin Homes on Monday reported a nearly 24 per cent rise in its net profit at Rs 131.92 crore in the third quarter ended December 2020.

The non-banking financing company sponsored by Canara Bank had posted a net profit of Rs 106.61 crore in the same quarter a year ago.

Total income during the October-December period of 2020-21, however, fell to Rs 502.76 crore as against Rs 516.79 crore in the same period of 2019-20, Can Fin Homes said in a regulatory filing.

Company’s main business is to provide loans for the purchase and construction of residential houses.

The company said it has held Rs 72.89 crore worth of provision, which is more than required, in accordance with RBI guidelines relating to COVID-19 regulatory package.

Besides, with regard to interim Supreme Court order on NPA situation, it said the company has not declared any account as NPA, which was not NPA as on August 31, 2020.

Even accounts that would have otherwise been classified as NPA post August 31, 2020 have not been and will not be classified as NPA till the Supreme Court rules finally on the matter, it added.

As a prudent measure, the company holds an adequate contingent provision of Rs 13 crore in respect of these advances, it added.

Stock of Can Fin Homes closed at Rs 481.70 apiece on the BSE, down 1.84 per cent from the previous close.

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