National Housing Bank July-December net rises 59 per cent at Rs 385 crore

NEW DELHI: National Housing Bank (NHB) today said its net profit for the six-month period ended December 2014 rose 59.4 per cent to Rs 385.82 crore.

NHB's net profit in the corresponding six months in the previous fiscal stood at Rs 245.04 crore, it said in a release.

Total income of the bank rose to Rs 1,896.79 crore, up from Rs 1,696.90 crore a year ago.

Its gross non-performing assets (NPAs) were reduced to 0.46 per cent of gross advances during July-December period of 2014-15, as against 0.5 per cent year ago.

Net NPAs or bad loans were also cut at 0.28 per cent in the first half of FY15, from 0.38 per cent in previous fiscal.

NHB promotes housing finance institutes and provides them financial and related support with an aim of inclusive expansion in housing finance market.