Vysya Bank Housing Finance Ltd
06 Mar 2000
- Fixed deposit programme
Rating : FA (reaffirmed)
The "FA" (pronounced ‘F A’) rating assigned to the fixed deposit programme of Vysya Bank Housing Finance Limited (VBHF) has been reaffirmed.
The rating factors the parentage of the company and the favourable growth prospects of the housing finance industry. Off-setting these positive factors are the increasing competition in the housing finance industry, NPAs in builder segment, high gearing and declining trend in profitability.
VBHF, which is in the business of providing housing finance to individuals has completed eight full fiscal years of operations as of March 1999. For the year-ended March 31, 1999, the company reported total income of Rs220.3 million and reported profit after tax of Rs26.2 million.