Sundaram BNP Paribas Home Finance Q4 net up by 159.8%

CHENNAI: Sundaram BNP Paribas Home Finance, subsidiary of Sundaram Finance Ltd, today reported over 150 per cent growth on its net profits for the fourth quarter ending March 31, 2011.

The Chennai-based company made a net profit of Rs 19.88 crore, up by 159.8 per cent over the Rs 7.65 crore achieved in the corresponding quarter of previous year, a release said.

Sundaram BNP Paribas Home Finance is a 50.1 per cent and 49.9 per cent joint venture between Sundaram Finance Ltd and BNP Paribas.

For the year ending March 31, 2011 Sundaram BNP Paribas reported net profits at Rs 47.68 per cent, an increase of 72 per cent over the corresponding period a year ago. It had recorded a net profit of Rs 27.72 crore in 2009-10.

The company has declared a dividend of 15 per cent. "It has been a year of high profitable growth for us. We expanded and strengthened our presence across the Southern market, increasing our market share especially in Tier II and III towns in each of these markets." Sundaram BNP Paribas Home Finance Managing Director Srinivas Acharya said.

On their outlook for this year, Acharya said "Our expansion polans are well geared to further increase our market share in this region. During the year, we also expect to expand our footprint outside the South market and are hoping to make inroads into a couple of new geographies.."

During the financial year ending March 2011, the company opened new branches in Andhra Pradesh, Karnataka and Kerala taking the total branches to over 50. The company has also got funding sanction of Rs 250 crore from National Housing Bank during the year, it said.