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During FY14, Gruh Finance posted a net profit of Rs177 crore, as its loan portfolio increased 29%
Gruh Finance, a subsidiary of Housing Development Finance Corporation (HDFC), reported 21% higher full year net profit on increased in revenues and growth in loan disbursements.
For the 12 month to end-March, the lender said its net profit rose 21.31% to Rs176.96 crore from Rs145.9 crore while its total revenues, including interest income grew 30% to Rs845.7 crore from Rs650.4 crore, same period last year.
Gruh Finance has declared a bonus share in 1:1 ratio to its existing shareholders. The company also declared a full year dividend of Rs3 per share.
Gruh Finance net interest margin during FY14 grew 24% to Rs270.66 from Rs217.75 crore in FY13. It made provisions of Rs30.82 crore for loan portfolio, Rs12.04 for contingencies and Rs7.60 crore on its non-performing asset (NPA) portfolio as per the guideline of National Housing Bank.
For the quarter to end-March, the lender reported a 16.7% higher net profit at Rs73.6 crore even as its total revenues, including interest income jumped 31% to Rs254.4 crore from Rs194.2 crore, a year ago period.
Gruh Finance’s housing loan portfolio as on 31 March 2014 stood at Rs7,009.04 crore an increase of 29% from Rs5,437.80 crore a year ago period. Its total loan disbursement increased 19% to Rs2,577.47 crore from Rs2,174.39 crore.
Its deposit portfolio in FY14 has grown to Rs1,002.88 crore, 54% higher than Rs649.95 crore a year ago period.
As on 31 March 2014, gross non performing asset (GNPA) of Gruh Finance stood at 0.27% (Rs18.87 crore) of the total loan outstanding of Rs7,009.04 crore as compared to 0.32% (Rs17.64 crore) as on 31 March 2013. Gruh Finance net NPA ratio is NIL.
Capital adequacy ratio (CAR) of Gruh Finance stood at 16.37% as on 31st March 2014.
Gruh Finance closed Friday 2.14% down at Rs312.50 on the BSE, while the 30-share benchmark Sensex ended the week flat at 22,628.
On 10th April, Gruh Finance hit its 52-week high at Rs325 on BSE.
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After being named as accused in the Rs425 crore QNet scam, Vanmala shifted its office to undisclosed location. However, the EOW raided this secret hideout and seized important documents about the MLM operations of QNet
Economic Offences Wing (EOW) of Mumbai Police has raided a little known or 'hidden' office of Vanamala Hotels, Travels & Tourism Services Pvt Ltd, an associate of QNet India. The EOW has seized documents and computers used by Vanmala related with its vacation holiday packages sold to customers of QNet in India, say sources.
Vanamala had its office at Trade Centre in Bandra Kurla Complex (BKC). However, the tourism services provider shifted its office to an unknown location when it was named as an accused in the first information report in the Rs425 crore QNet multi-level marketing (MLM) scam.
Vanmala shifted its office to Lower Parel from BKC. However it kept the new address hidden even from its submissions in the court. Daryl Patrick Bisset, the chief executive of Vanmala has been found avoiding EOW and not forthcoming since past few months, the sources added.
During the investigation into the QNet scam, it was revealed that majority of the victims across the country were sold the "Holiday & Vacation Packages" from Vanmala.
In February 2014, the Enforcement Directorate (ED), the agency responsible for enforcing economic laws and fighting economic crime in India, registered a case in the Rs425 crore QNet scam for money laundering.
The ED has named QNet Ltd from Hong Kong, its official franchisee Vihaan Direct Selling Pvt Ltd, Vijay Eswaran, the founder of QI group and three other independent representatives (IRs) of QNet from Mumbai.
In a media statement, QNET called the money-laundering probe by ED against it as 'allegations that are preposterous and completely baseless'.
The Economic Offences Wing (EOW) of Mumbai Police, which is also probing the MLM fraud, had so far arrested nine team leaders of QNet for allegedly duping investors by offering to sell products such as magnetic disks, herbal products and holiday schemes through fraudulent practices. The accused have been charged with cheating and forgery under relevant sections of the Prize, Chits and Money Circulation Schemes (Banning) Act 1978.
The complainant, Gurupreet Singh Anand, a computer consultant from Lokhandawala, Andheri in his first information report (FIR) before the EOW stated that his wife was duped for Rs30,000 by some people who had introduced themselves as the independent representatives (IRs) of QNet. Anand told the police, “They (IRs) had said that one of the bio-products my wife bought could be used to treat my 12-year-old son's brain-related diseases.”
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