HDFC profit rises 7% to Rs. 1,358 cr; revenue up 12%
India’s largest private sector mortgage lender, Housing Development Finance Corp, on Wednesday posted a 7% year-on-year rise in standalone net profit to Rs. 1,358 crore during the second quarter against Rs. 1,266 crore in the year-ago period.
Standalone revenue was up 12% to Rs. 6,635 crore in the July-September quarter.
On a consolidated basis, HDFC’s net profit gained 9% to Rs. 2,064 crore and total income was up 16% to Rs. 11,608 crore. The company’s major subsidiaries include HDFC Standard Life Insurance, HDFC Ergo General Insurance and HDFC Asset Management.
At the end of September 30, HDFC had a loan book of Rs. 2.12 lakh crore, compared with Rs. 1.85 lakh crore in the year-ago quarter.
“Of the total loan book, individual loans comprise 71%. Further, 81% of the incremental growth in the loan book during the period came from individual loans,” HDFC said.
Its total assets increased 13% to Rs. 2.38 lakh crore.
As of September 30, its gross non-performing loans stood at Rs. 1,472 crore, equivalent to 0.69% of the loan portfolio, versus 0.79% a year ago.