HDFC consolidated net rises 17% in Q2

MUMBAI: Mortgage lender HDFC Ltd on Monday reported a 17.3% rise in its consolidated net profit at ₹2,869.41 crore for the second quarter ended September 30, 2017. The company had registered consolidated net profit of ₹2,446.21 crore during July-September of 2016-17.

Total income (consolidated) rose to ₹16,583.10 crore during the reported quarter, compared to ₹14,526.69 crore in the same period a year earlier, the company said in a regulatory filing.

On a standalone basis, HDFC Ltd reported a 15% growth in net profit at ₹2,101.12 crore in the second quarter of 2017-18, from ₹1,826.50 crore in the same period last year. Income (standalone) also rose to ₹8,760.92 crore, against ₹8,103.15 crore a year ago.

As at September 30, 2017, the company’s loan book stood at ₹3.24 lakh crore, against ₹2.75 lakh crore in the year-ago period.

“Profit was driven by stable spreads and larger volumes. Individual loan disbursements grew 23%, which on a base as large as ours is a very substantial increase. Total loan book growth was 18%,” vice-chairman and chief executive Keki Mistry said.

The spread on the individual loan book was 1.90% while that on the non-individual book was much higher at 3.1%, he said.

On an assets under management (AUM) basis, growth in the individual loan book was 16% and the non-individual loan book was 24%. The growth in the total loan book was 18%.

Meanwhile, HDFC Standard Life Insurance Co Ltd on Monday said it would launch its ₹8,695 crore initial share sale on November 7.

The public offering will close on 9 November.