Sundaram BNP Paribas Home Finance, the home finance subsidiary of Sundaram Finance, has reported 61 per cent rise in its net profit at Rs. 29 crore for the first quarter ended June 30, 2012 against Rs. 18 crore in the same period in the previous year. Home loan disbursements for the quarter under reference increased by 36 per cent to Rs. 562 crore from Rs. 413 crore in the year-ago period. The loan assets under management have increased to Rs. 4,600 crore from Rs. 3,100 crore last year.
Srinivas Acharya, Managing Director of the company, said in a release that the good growth was due to increased business especially in the last two months. “We continue to believe that south market holds good potential, and we will leverage our strong presence in this region to further increase our market share in the south, while at the same time expanding our presence in the new markets outside south India that we forayed into last year,” he added.
