Shares of Can Fin Homes surged 11 per cent to Rs 339 on the BSE on Tuesday after the company reported a 35.84 per cent year on year (YoY) rise in its net profit to Rs 90.91 crore for the quarter ended March 2020 (Q4FY20), on the back of higher interest income. The housing finance arm of Canara Bank had posted a net profit of Rs 66.92 crore in the year-ago quarter.
Net interest income -- the difference between interest earned and interest expended -- rose 35 per cent YoY to Rs 186 crore from Rs 138 crore. Net interest margin improved from 3.29 per cent to 3.52 per cent during the quarter.
Besides, asset quality too imporved during the quarter with the gross non-performing assets of the company being contained at 0.76 per cent as compared to 0.80 per cent in Q3FY20, Can Fin Homes said in a filing.
At 09:38 am, the stock was trading 9 per cent higher at Rs 332 on the BSE, as compared to 2 per cent rise in the S&P BSE Sensex. A combined around 2.1 million equity shares have changed hands on the counter on the NSE and BSE till the time of writing of this report.