HDFC Q3 Net Profit Rises 11% To Rs 3,261 Crore

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Housing finance company HDFC recorded 11 per cent rise in its third quarter net profit

Mumbai (Maharashtra):

Housing finance development corporation (HDFC) on Wednesday recorded 11 per cent rise in its net profit for December quarter period of the current fiscal, as it stood at Rs 3,261 crore compared to Rs 2,926 crore of the corresponding period last year.

The housing finance major’s net interest income rose 5 per cent to Rs 4,284 crore as against Rs 4,068 crore in the corresponding period of last year.

“The demand for home loans and pipeline of loan applications continues to remain strong. Growth in home loans was seen in both, the affordable housing segment as well as in high end properties. The increasing sales momentum and new project launches augurs well for the housing sector,” HDFC said in a stock exchange filing.

As at December 31, 2021, the gross individual non-performing loans (NPL) stood at 1.44 per cent of the individual portfolio while the gross non-performing non-individual loans stood at 5.04 per cent of the non-individual portfolio.

The gross NPLs as at December 31, 2021 stood at Rs 12,419 crore. This is equivalent to 2.32 per cent of the portfolio. Out of the total reported gross NPLs, Rs 2,746-crore loans are less than 90 days past due as at December 31, 2021.

The company’s net interest income (NII) for the nine months ended December 31, 2021 stood at Rs 12,519 crore compared to Rs 10,943 crore in the previous year, representing a growth of 14 per cent.

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