Non-banking lender Indiabulls Financial Services said net profit for fiscal 2011 more than doubled to Rs 743 crore, helped by growth in long-term, low-risk mortgage loans and falling delinquency levels.
Diversified and long-duration liabilities and decreasing cost income ratio have also contributed to the growth in profit and revenue for the financial year ended March 31, Indiabulls said.
The lender's income from operations for the year rose 56% to Rs 2,256 crore, while other income rose 33% to Rs 217 crore.
The firm's share of mortgages in total loans rose to 71% from 64% in FY10, while business loans saw a decline from 8% of the total loan book in FY10 to 2% in FY11, it said.
Source: www.moneycontrol.com
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Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
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