Sundaram BNP Paribas clocks Q3 net at Rs 39 crore

Sundaram BNP Paribas Home Finance has clocked net profits of Rs 39.42 crore for the third quarter ending December 31, 2017.

The company recorded net profits of Rs 39.39 crore in the corresponding period of the previous year. Disbursements for the October-December 31, 2017 period surged 106% to Rs 744 crore from Rs 361 crore registered during year ago period, a company statement said.

The company's loan under management stood at Rs 8,081 crore as of December 31, 2017 from Rs 7,660 crore recorded in the same period last year. Sundaram said during the quarter ending December 31, 2017 it received FAAA rating for the fixed deposits from CRISIL.

Commenting on the results, Sundaram BNP Paribas Home Finance, Managing Director, Srinivas Acharya said the rise in loan disbursements during the third quarter was an "indication of good traction seen in recent months". "The Chennai market that had seen a slowdown in the last few years has registered a good growth in the first nine months of the year and this is particularly heartening. We expect this to continue in Q4 as well", he said.

Sundaram BNP Paribas Home Finance Ltd is a 50.1% - 49.9%  joint venture between Sundaram Finance and BNP Paribas of France.