Sundaram BNP Paribas Home Finance net zooms by 34% in FY13

Sundaram BNP Paribas Home Finance net zooms by 34% in FY13 Chennai: Sundaram BNP Paribas Home Finance on Tuesday reported a 34 percent rise in its net profit to Rs 126 crore for the financial year ended March 31, 2013.

The city-based company had made net profit of Rs 94 crore in fiscal 2011-12, it said in a statement here.

Home loan disbursements during 2012-13 grew by 32 percent to Rs 2,572.38 crore from Rs 1,948.12 crore registered during the previous year.

"We continue to believe that the South market still holds a lot of potential and gives us an opportunity to grow further by targeting the untapped Tier II and Tier III towns in the region...", Sundaram BNP Paribas Home Finance Managing Director Srinivas Acharya said.

He said the availability of the long-term fund continued to be a critical problem for the home finance sector.

Sundaram BNP Paribas Home Finance is a 50.1 percent and 49.9 percent joint venture between Sundaram Finance and BNP Paribas of France, the statement added.

PTI