HDFC net profit jumps 22% in Q1
Mortgage lender HDFC Ltd on Friday reported a 22.2% rise in its standalone net profit to ₹3,668.92 crore for the first quarter ended June 30, on higher income driven by robust loan disbursements.The company’s net profit in the same quarter a year ago stood at ₹3,001 crore.
Its total income during the June 2022 quarter increased to ₹ 13,248.73 crore against ₹11,663.14 crore in the year-ago period, HDFC said in a regulatory filing.
The company said its individual loan disbursements during the quarter rose 66%.
The consolidated net profit for the quarter stood at ₹5,574 crore compared to ₹5,311 crore. HDFC said it proposes to raise an international social loan of $ 1.1 billion, which is its first international social loan from India and among the largest globally.
Shares of HDFC Ltd traded at ₹2,372.35 apiece on BSE, up 1.56%.
Meanwhile, HDFC Life Insurance Company on Friday said its board has approved the issuance of over 3.5 crore equity shares to promoter company HDFC for ₹ 2,000 crore on a preferential basis.
The company’s board of directors, at a meeting, approved the issuance of 3,57,94,824 equity shares of the company at ₹558.74 per equity share, not exceeding ₹2,000 crore in aggregate on a preferential basis to Housing Development Finance Corporation (HDFC), the life insurance company said in a regulatory filing.
The insurer said the issuance of shares is subject to the approval of the shareholders besides, regulatory/statutory approvals.
“The issue price at which the equity shares are to be issued to HDFC Ltd is the higher of the price determined under the valuation report of the registered valuer and the price calculated in accordance with SEBI (Issue of Capital and Disclosure Requirements) Regulations,” it added.
Shares of HDFC Life were 4.30% higher at ₹555.55 apiece.