HDFC second qtr net profit surges 32% to ₹3,780 crore
The country’s largest mortgage lender HDFC Ltd on Monday reported a 32% rise in standalone net profit to ₹3,780 crore for the second quarter ended September 30.
The corporation had posted a net profit of ₹2,870 crore in the same period a year ago.
Its total income during the July-September period of FY22 rose to ₹12,226.39 crore, as against ₹11,732.70 crore in the same period of FY21, HDFC said in a regulatory filing.
During the half-year ended September 30, 2021, individual approvals and disbursements grew by 67% and 80%, respectively, compared to the corresponding period in the previous year, it said.
On a consolidated basis, the net profit in the reported quarter stood at ₹5,670.47 crore, up from ₹5,035.41 crore in the year-ago period, Housing Development Finance Corporation Limited (HDFC) said.
The total income on a consolidated basis rose to ₹38,603.51 crore from ₹34,090.45 crore.
“The demand for home loans 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 augur well for the housing sector,” HDFC said in the filing.
The financier received its dividend income from holdings in its subsidiaries including HDFC Bank, HDFC Life Insurance and HDFC Asset Management Company.
The shadow-lender’s gross bad loan ratio stood at 2% as of September-end compared with 2.24% three months prior.
HDFC scrip was trading at ₹2,901.35 apiece on BSE, up 2.02% from the previous close