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Updated: April 26, 2012 23:01 IST

Sundaram BNP Paribas net profit doubles

Special Correspondent
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Srinivas Acharya
Srinivas Acharya

Sundaram BNP Paribas Home Finance, the home finance subsidiary of Sundaram Finance, has doubled its net profit to Rs. 94 crore for the year ended March 31, 2012, from Rs. 47 crore in the previous year.

Home loan

Home loan disbursements went up by 61 per cent to Rs. 1,948 crore from Rs. 1,210 crore. The net NPA (non-performing assets) stood at 0.06 per cent (0.09 per cent). The company's net worth stood at Rs. 325.94 crore as on March 31, 2012.

Addressing a press conference here on Thursday, Srinivas Acharya, Managing Director, said there was still a lot of untapped potential in the home loan segment in the southern market, especially in the growing Tier-II and Tier-III towns. During the year, the company made a foray in to Kolkata, Nasik, Kolhapur, Bhopal and Bhubaneswar. It was planning to open 25 new branches across the southern states,

Mr. Acharya said. It had expanded its customer base to over 36,000 retail customers, adding over 10,000 new customers during the year.

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