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Can Fin Homes (CFHL), the housing finance subsidiary of Canara Bank, recorded a 33.79% rise in consolidated net profit for the quarter ending September 30, 2024, reaching INR 211.48 crore. Its net total income rose by 10.52% to INR 962.69 crore. The company's loan portfolio grew to INR 36,591 crore, driven by strong demand in housing loans, and its loan disbursements increased by 18% over the previous year. CFHL maintained a solid financial position with a debt-equity ratio of 7.19, low non-performing assets, and a liquidity coverage ratio of 166.06%, well above regulatory requirements.
Can Fin Homes (CFHL), the housing finance arm of Canara Bank, achieved a robust 33.79% growth in consolidated net profit for the quarter ending September 30, 2024. The company's profit after tax rose to INR 211.48 crore in Q2 FY25, up from INR 158.07 crore in the same quarter of the previous year, as reported in a BSE filing. The company's net total income for Q2 FY25 reached INR 962.69 crore, reflecting a 10.52% increase from INR 871.03 crore during the corresponding period last year. Advertisement
The board of directors approved the issuance of non-convertible debentures worth up to INR 4,000 crore on a private placement basis and will issue them in multiple tranches. As of September 30, 2024, CFHL's net worth stood at INR 4,343.85 crore. The company maintained a debt-equity ratio of 7.19 and a total debts-to-total-assets ratio of 0.86. It also recorded a net profit margin of 21.71%. The gross non-performing assets (NPA) ratio stood at 0.88%, while the net NPA ratio was 0.47%. The company maintained a capital risk adequacy ratio (CRAR) of 24.56%, highlighting its financial strength.
The loan portfolio grew to INR 36,591 crore as of September 2024, reflecting a 10% increase from INR 33,359 crore during the same period last year. Housing loans comprised 77% of the total loan portfolio, while the remaining 23% consisted of non-housing loans, including loans for commercial real estate (CRE). CFHL registered loan disbursements of INR 2,381 crore during Q2 FY25, marking an 18% increase from INR 2,019 crore in Q2 FY24. Disbursements grew by 28% compared to Q1 FY25, indicating a solid upward trend in the company's lending activities.
The company's liquidity coverage ratio as of September 30, 2024, stood at 166.06%, significantly exceeding the regulatory requirement of 70%, highlighting its strong liquidity position. With steady growth in its loan portfolio, strong profit margins, and low levels of non-performing assets, CFHL continues to strengthen its standing in the housing finance sector. This proposed debenture issuance will bolster the company's financial stability as it continues to expand its operations.
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