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    Home»Business»Star Housing Finance Limited Reports Strong Business & Financial Numbers For H1 FY’2023-24
    Business

    Star Housing Finance Limited Reports Strong Business & Financial Numbers For H1 FY’2023-24

    By October 27, 2023No Comments3 Mins Read
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    Reports 110% y-o-y Increase In AUM, 76% y-o-y Increase In Income, 50% y-o-y Increase In PAT

    Mumbai (Maharashtra) [India], October 27: Star Housing Finance Limited (Star HFL), a BSE listed (BSE Scrip code BOM: 539017) a professionally run rural focused retail home finance company has continued its growth momentum reflecting in the Business and financial numbers for the half year ending September 30, 2023

    The Company has achieved milestones across asset and liability side of the business during the period and has continued expanding its footprints across existing and new geographies. Courtesy this performance, the financial numbers have been robust for the period

    Key Performance Highlights for the period ending/as of Sep 30, 2023:

    Business Numbers: AUM increased 110% y-o-y to Rs. 319.43 crs. The Company disbursed Rs. 108.30 crs registering y-o-y growth of 49%. Star HFL has now provided housing finance assistance cumulatively to more than 4000 Indian families in EWS/LIG segment towards purchase/construction of own home

    Asset Quality Remains Intact: PAR (0+ days past due) stood at 4.52%, of which GNPA stands at 1.46% and NNPA as of Sep 30, 2023 stands at 1.08%

    Income Growth: Interest income grew by 92.88% y-o-y and total income grew 75.53% y-o-y for the half year

    Profitability: PBT and PAT registered 26.25% and 50.16% y-o-y growth respectively

    Network Expansion: Star HFL expanded to North with a presence in Ghaziabad in NCR and is now present across its operational geographies with 20 physical offices and 25 digital PoPs. Star HFL has 200+ housing financial professionals across geographies and business functions

    Traction in Liability: The Company received highest ever single sanction of Rs. 50 crs from the State Bank of India. During the period, Star HFL has got incremental sanction of Rs. 158.42 crs credit lines from 11 banks and financial institutions of which Rs. 88.42 crs has been drawn-down. The pipeline remains robust to cater to the growth aspirations for the second half of FY’2023-24

    Digitization: Deployment of core lending suite for end-to-end processing of home loan applications is in progress

    Employee Ownership: Continuing with the philosophy of employee ownership, Star HFL board during the period has approved the ESOP II scheme for eligible employees.

    Credit Rating Revised: Rating partners have acknowledged the quality growth exhibited by the Company and resulting in credit rating upgrade by CARE for bank loan facilities to CARE BBB/Stable

    If you have any objection to this press release content, kindly contact pr.error.rectification@gmail.com to notify us. We will respond and rectify the situation in the next 24 hours.

    Business
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