HDFC records June qtr pro at ₹3,001 crore; NII rises 22
Mumbaimortgage lender Housing Development Finance Corporation (HDFC) reported a marginal decline in standalone net profit at ₹3,001 crore in the quarter ended June 2021.
It had reported a standalone profit after tax stood of ₹3,051.52 crore in the corresponding quarter of the previous fiscal.
The lender said the profit numbers for Q1 FY2021-22 are not directly comparable with that of the previous year because of the profit on sale of investments of ₹263 crore in the reporting quarter compared to ₹1,241 crore in the same period of last year and due to lower dividend income of ₹16 crore (previous year: ₹298 crore).
Also, there was a charge for employee stock options of ₹146 crore which in the previous year was ₹1 crore and as the effective tax rate in Q1 FY22 was of 23.1% compared to 15.4% in the same period of the last year.
On a consolidated basis, the country’s largest mortgage lender reported a 31% jump in its consolidated net profit at ₹5,311 crore in quarter ended June 2021.
The company had posted net profit of ₹4,059 crore in the year ago same quarter.
The lender had reported a healthy 22% growth in its net interest income (NII) at ₹4,147 crore from ₹3,392 crore in the year-ago period, the lender said in a release.
Its net interest margin (NIM) stood at 3.7% during the quarter as against 3.1% last year.
The lender’s vice chairman and CEO Keki Mistry said, while the second wave of Covid-19 was more severe than the first wave in terms of infections and mortality, the disruption to b activity was lesser than the first quarter of the p year, he said. During the ended June 30, 2021, the individual loan disburs grew 181% over the corr ing quarter of the previo
Growth in home loa seen in both, the aff housing segment and h properties.
Loan disbursements April-june quarter st ₹25,518 crore, he said.
“While this disbur during April and May of rent year was som impacted, the busine reverted to normal in th of June, and July extremely strong month, said. Disbursements b April to July 2021 were the disbursement achieved during the f months of the previous y lender said.
During the quarter, home loans approved in terms and 14% in valu have been to customers f Economically Weaker a Income Groups, it said.